China’s imports of Russian crude oil are poised to reach a new record high in February, exceeding 2 million barrels per day, as India significantly reduces its purchases of Russian energy, according to data from Vortexa and Kpler.
The shift comes after a period of sustained Indian demand for Russian crude, which had previously made India the largest buyer of seaborne Russian oil. India’s January spending on Russian crude fell to €2 billion, half the €4 billion spent by China during the same month, according to the Helsinki-based Centre for Research on Energy and Clean Air (CREA). Chinese purchases have increased by 29% over the past two months, although India’s have declined by 23%.
The decline in Indian purchases follows U.S. Sanctions targeting Russian oil producers Rosneft and Lukoil late last year. These sanctions prompted Indian refiners to begin curtailing Russian imports. Recent statements by U.S. President Donald Trump, claiming India had agreed to halt imports of Russian oil, have not been officially confirmed by the Indian government.
The discounted prices of Russian crude are a key driver of the increased Chinese demand. The flagship Russian grade, Urals, is currently priced between $9 and $11 per barrel below benchmark ICE Brent for January/February deliveries to China, traders report. Imports of Urals, previously less favored by Chinese refiners, doubled in volume in January 2026, CREA noted.
China’s independent refiners, often referred to as “teapots” located primarily in the Shandong province, are playing a significant role in absorbing the increased supply. These refiners have a history of purchasing sanctioned oil from countries including Iran and Venezuela.
India’s imports of Russian crude plummeted to 1.1 million barrels per day in January 2026, the lowest level since 2022, as refiners react to new EU bans on refined products derived from Russian oil. The U.S. And India recently reached a trade deal where lower U.S. Tariffs for Indian goods are contingent upon India reducing its purchases of Russian oil.
While India is seeking to appease the U.S. Administration through reduced spot purchases and a suspension of activity in Russian barrels by state refiners, Chinese refiners are capitalizing on the discounted crude. China imported €6 billion of fossil fuels from Russia in January, including pipeline gas, LNG, coal and refined oil products, compared to India’s €2.2 billion in fossil fuel imports.
