Indian and Chinese oil buying has offset most of the fall in Russian shipments to Europe, raising questions about the impact of sanctions on Moscow that have led to soaring energy bills for European consumers.
A Financial Times analysis of available data from Chinese and Indian customs statistics shows the countries imported 11mn tonnes more oil from Russia in the second quarter of 2022 compared with the first quarter. Payments for Russian oil from the countries increased by $9bn.
The biggest volume growth came from India, where imports of Russian oil jumped from 0.66mn tonnes in the first quarter to 8.42mn tonnes in the second.
