Kremlin: Russia continues energy trade with India, China

Kremlin: Russia continues energy trade with India, China

Russia’s energy trade with India and China remains robust amid shifting global dynamics, with the two Asian nations accounting for a significant share of Moscow’s oil and gas exports. In 2023, trilateral trade between Russia, China, and India reached $452 billion, up from $351 billion in 2022, driven largely by energy exports. Russian Deputy Prime Minister Alexander Novak reported that China absorbed 45–50% of Russia's oil and petroleum exports in 2023, while India’s share rose to 40%, up from negligible levels two years prior.

China's imports of Russian crude surged to nearly 1.5 million barrels per day in January 2026, including record volumes of Urals oil, as Western sanctions disrupted traditional export routes. India, meanwhile, maintained purchases of discounted Russian crude at approximately 1.1 million bpd in January, despite U.S. tariffs imposed in August 2025 over its procurement of discounted oil.

Indian refiners have continued to source Russian oil, citing economic advantages and energy security needs, though volumes dipped slightly from 2024 levels amid diversification efforts.

The shift reflects broader geopolitical realignments, with Russia pivoting to Asian markets to offset lost European demand. Energy products, particularly oil and natural gas, constitute nearly 80% of Russia’s trade with India and three-quarters of its exports to China. For India and China, Russian energy provides a critical alternative to volatile Middle Eastern supplies, especially as regional conflicts disrupt traditional routes. This partnership underscores the growing economic interdependence within the Shanghai Cooperation Organisation (SCO) and challenges U.S.-led trade frameworks.