China and India are buying so much Russian oil that Moscow's now selling more crude than it was before invading Ukraine
Russia has been able to navigate Western sanctions well enough to push oil exports above levels reached before its war on Ukraine — and new data suggests that Moscow has China and India to thank for that.
"Both China and Russia are taking advantage of discounted Russian crude, benefiting from the sanctions applied on Russian materials by other countries," Matt Smith, lead oil analyst at Kpler, told Insider Friday.Even before Vladimir Putin launched his war on Ukraine, China was already a top buyer of Russian crude, importing 25% of its crude from the country in 2021. That's since climbed to 36%, Kpler data shows.
European Central Bank calculations show trade volume between the euro area and Russia has halved since February 2022, with thefollowing the bans on coal in August 2022, crude oil in December 2022, and refined oil products in February 2023.
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