China increases purchase of Russian hydrocarbons

RUSSIA / FSU POLITICS - In Brief 22 Aug 2022 by Alex Teddy
On August 22 Bloomberg published data from the Chinese Customs service showing that China bought USD 35 billion of Russian oil, gas and coal in March-July 2022. Over the same period in 2022 China bought USD 20 billion of these Russian fuels. The increased amount spent is a reflection of price increases as well as volume increase despite Russia selling its energy to China cheaper than to most countries. In a sense the war is good for China because it has obliged Russia to sell energy to China at a major discount. Russian dependence on China is greater than ever.  Bloomberg concluded that Russia will have earned about USD 97 billion from hydrocarbon exports between February 24 2022 when the war began to 3 June 2022.  Russia is now the main seller of coal to China selling 7.4 million tons from March to July 2022. That is a 14% YoY increase. Russian coking coal (used to make steel) increased 63% in that period. Liquefied natural gas exports from Russia to China are also up 20% YoY.  Russia also increased the amount aluminum, palladium and wheat that it sells to China. Copper and nickel sales to China are down. 

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