China and India buy more Russian oil, blunting Western sanctions

Both countries take advantage of discounts as buyers disappear

An oil tanker docks at Russia's far eastern Transneft-Kozmino Port. Russian revenue from oil exports between January and April has climbed 50% on the year, the International Energy Agency says. © Reuters

KAZUYA HIRUTA and MISA HAMA, Nikkei staff writers

June 8, 2022 03:57 JST

TOKYO -- China and India have increased Russian oil purchases as prices decline due to Western import bans, the latest data shows, creating a loophole that allows Moscow to secure export revenue.

China imported 800,000 barrels of Russian petroleum daily by sea last month, according to data from Refinitiv, a figure that does not include oil delivered via pipelines. The volume has soared by more than 40% from January.