China Imports Record Russian Oil as India Cuts Purchases

The Government of China increased imports of Russian crude oil to record levels in February 2026, with deliveries reaching approximately 2.09 million barrels per day during the first 18 days of the month. This surge follows a significant decline in Indian imports, which fell to an estimated 1.159 million barrels per day in February. The shift was driven by a trade deal between the United States and India, where the U.S. offered lower tariffs on Indian goods in exchange for a reduction in Russian oil purchases.

U.S. pressure included sanctions on Russian producers Rosneft and Lukoil. President Donald Trump claimed that India agreed to halt Russian oil imports entirely, though the Indian government has not confirmed this statement. According to the Centre for Research on Energy and Clean Air, China's spending on Russian oil rose to €4 billion in January 2026, while India's spending fell to €2 billion.

This transition has forced Russian Urals crude prices to drop, with discounts reaching between $9 and $12 per barrel below the ICE Brent benchmark. Chinese independent refiners, including the Shandong Yulong Petrochemical Co., Ltd., have capitalized on these low prices. Additionally, concerns over potential U.S. military strikes on Iran made Russian oil a more reliable alternative. The shift has created logistical challenges, including a 60% increase in Russian oil currently in transit—approximately 140 million barrels—due to the longer voyage distances from the Baltic and Black Seas to China.