Russian President Vladimir Putin held talks with Chinese President Xi Jinping this week, underscoring deepening energy cooperation days after US President Donald Trump said India would halt purchases of Russian crude.
Speaking via video link on Wednesday, Putin described Russia’s energy partnership with China as “strategic,” emphasising Beijing’s position as Moscow’s largest buyer of oil and gas since the start of the Ukraine war. He said China had become a key anchor for Russian exports as Western markets closed.
According to estimates, China has purchased more than $230 billion worth of Russian energy since the invasion, reinforcing its central role in sustaining Moscow’s energy revenues.
Trade adjustments and strategic coordination
Putin acknowledged that bilateral trade experienced a “slight decline” last year, citing a correction in certain indicators. However, he stressed that Russia remained among the leading suppliers of energy to China and expressed confidence in long-term cooperation.
Moreover, Putin said Moscow was ready to maintain close coordination with Beijing on global and regional issues, signalling alignment beyond trade. The remarks highlighted Russia’s efforts to strengthen partnerships outside the West amid ongoing sanctions.
India factor and shifting oil flows
The talks followed Trump’s announcement that Washington would reduce tariffs on Indian goods if New Delhi stopped importing Russian oil. He also said the US could lift an additional 25% penalty tariffs linked to India’s energy ties with Moscow.
However, Indian refiners have not received formal instructions to fully halt imports and await a government decision, according to Reuters. Any suspension would likely involve a transition period, as shipments for February and March are already contracted.
Data suggests shifting flows. Bloomberg estimates India imported about 1.1 million barrels per day of Russian oil in January, while China increased imports to nearly a record 1.6 million barrels per day. Analysts say volumes diverted from India are increasingly absorbed by China, with full abandonment by India unlikely in the near term.
