Russia’s largest sponsor in its war against Ukraine bought a record amount of Russian oil but reduced its coal imports.

China increased its crude oil imports from Russia in 2024 by 1% compared to 2023 to a record level. Imports from Russia amounted to 108.5 million tons, equivalent to 2.17 million barrels per day. Seaborne supplies from Russia were supported by demand from independent refineries, large state-owned oil companies, and a government order to create reserves. Total crude oil imports into China fell by 1.9% last year.

As well, China’s total coal purchases last year reached a record level of 547.2 million tons, or 41% of this commodity’s entire global market. Although Russia remained China’s second-largest coal supplier after Indonesia, it was the only major producer to see a decline in shipments (-7%, to 93.86 million tons). The Russian coal industry faces higher production costs than its competitors, exacerbated by rail capacity constraints that are driving up coal freight rates.