The total economic effect that Beijing gained from cooperating with Moscow in the oil sector reached 27 billion USD. These figures were stated by Rosneft CEO Igor Sechin at the opening of the eighth Russia-China energy business forum.
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The share of Russian oil in the Chinese market reached a record 27%
According to him, this assessment is based on data since 2022, when tankers from Russian ports, previously serving customers in Europe, began sailing to China. Currently, the share of Russian oil in the Chinese market has reached a record 27%, and the total supply volume exceeds 100 million tons per year. According to the statistical data provided by I. Sechin, supply reached 67 million tons in the first seven months of this year, writes The Moscow Times.
“Due to the higher efficiency of purchasing Russian oil compared to alternatives from the Middle East, the total economic effect that China has received since 2022, in our assessment, amounts to 27 billion dollars,” said the Rosneft CEO, quoted by the TASS agency.
It is estimated that the amount saved by China reaches 2.3 trillion rubles – equivalent to one and a half times the annual budget of the Moscow region or four times the annual budgets of large regions such as Krasnoyarsk Krai or Sverdlovsk Oblast.
According to Argus Media data, at the end of August, Urals crude oil was sold at Russian ports with a discount of 26–27 dollars per barrel compared to the Brent price. Part of this discount ends up in the pockets of carriers delivering oil to Asian ports using a “shadow fleet”.
However, even when delivered to China, Russian oil costs less than analogues from other countries.
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According to the Gaidar Institute, the highest level – 16% compared to other suppliers’ prices in China – was reached in the summer of 2022. At the end of 2023, the average discount for Chinese customers decreased to 5% relative to the Brent price, almost disappeared in 2024, and began to grow again in 2025: in the first quarter it was 2.8%, in the second – 6.3%. At the end of the year, after sanctions were applied to Rosneft and Lukoil companies, discounts reached 8.3%.
India saved 12 billion USD
India, which is the second largest buyer of Russian oil after China, saved 12.6 billion dollars from 2022 to 2025 due to discounts applied by Russian oil producers, according to customs statistics reported by Indian Express.
In 2022, Indian oil refineries saved 4.873 billion dollars, in 2023 – 5.411 billion dollars, in 2024 – 1.45 billion dollars, and in the first half of 2025 – another 835 million dollars.
“Buyers demand additional compensation for sanctions and logistics risks, so the rise in global prices is only partially reflected in the price of Russian oil,” notes Freedom Global analyst Vladimir Chernov.
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