China imported 9.71 million tons of oil from Russia in May 2023, detailed customs data showed, up from 5.4 million tons in February 2022 and 6.3 million the following month.
The figures show that imports of Russian crude by China since Moscow’s invasion of Ukraine have almost doubled.
They are in line with trade figures released this month that showed China’s trade with Russia soaring to levels not seen since February 2022.
Trade between the two countries last month was worth $20.5 billion, data from Beijing showed, with Chinese imports from Russia worth $11.3 billion.
China is Russia’s largest trading partner, with trade between them reaching a record $190 billion last year, according to Chinese customs data.
During a summit in March, Chinese President Xi Jinping and Russian leader Vladimir Putin pledged to boost trade to $200 billion in 2023 as they hailed their “no limits” partnership.
And Russian energy deliveries to China are set to grow by 40% this year, Deputy Prime Minister Alexander Novak said last month.
Beijing says it is a neutral party in the Ukraine war but has been criticized by Western countries for refusing to condemn Moscow and for its close strategic partnership with Russia.
The increase in the imports comes at a time when the five-month decree banning the supply of oil and oil products to nations that approved the introduction of a price cap on Russian oil is almost coming to an end on July 1st.
The Group of Seven major powers, the European Union and Australia had agreed to a $60-per-barrel price cap on Russian seaborne crude oil effective from December 5, 2022, because of Moscow’s “special military operation” in Ukraine.
The Kremlin’s decree, issued in February 2023 stated: “This … comes into force on February 1, 2023, and applies until July 1, 2023.” The decree includes a clause that allows Putin to overrule the ban in special cases.
