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China's Russian Oil Imports Surge Amid Geopolitical Tensions

3/21/2026

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Summary

Story summary

China's imports of discounted Russian crude oil rose in January–February 2026 to 21.8 million tonnes, up 40.9% year on year, per Chinese customs data.
The total import value rose 5.8% in U.S. dollars.
Xu Tianchen of the Economist Intelligence Unit says China has stockpiled oil amid low prices and geopolitical risk.
Future shipments may fall because sanctions change and competition for Russian oil increases amid the U.S.-Israel conflict with Iran.

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Story summary

China's imports of discounted Russian crude oil rose in January–February 2026 to 21.8 million tonnes, up 40.9% year on year, per Chinese customs data.
The total import value rose 5.8% in U.S. dollars.
Xu Tianchen of the Economist Intelligence Unit says China has stockpiled oil amid low prices and geopolitical risk.
Future shipments may fall because sanctions change and competition for Russian oil increases amid the U.S.-Israel conflict with Iran.