Massive losses for Moscow?: China reportedly reduced imports of Russian energy

Beijing is Moscow's most important ally. Now China appears to be shifting its energy priorities. Reports indicate that imports of oil, coal, and liquefied natural gas from Russia have been severely restricted. Moscow's financial losses could amount to up to 30 percent, depending on the sector.

China has systematically reduced its purchases of Russian energy. Between January and April 2025, oil imports from Russia fell by 14 percent to 32.4 million tons, resulting in a 23.9 percent drop in Russia's revenue to $17.1 billion, according to a statement on the Ukrainian Foreign Intelligence Service's website.

This confirms a report by the Reuters news agency in January, citing customs data, that China bought less Russian coal in 2024 and increased its purchases from other key suppliers, most notably Australia.

According to a study by the London Stock Exchange Group (LSEG), China's purchases reached a historic high of 547.2 million tons last year, representing a record 41 percent of globally traded coal. This gives China greater pricing power in international markets.

The Ukrainian intelligence agency attributes the decline in Chinese purchases of Russian energy to Beijing's desire for energy self-sufficiency. The report also cites the growth of the electric vehicle market, stricter Western sanctions, and China's willingness to pay a significantly lower price.

Imports of liquefied natural gas even fell by 27 percent, which in turn led to a 28 percent drop in revenue for Moscow. Imports of Russian coal increased by 2 percent in four months, but fell by 13 percent in April. Instead, China actively supported its own production and increased the share of green energy. China refuses to pay more for new volumes than Russian consumers.

Investments from China in Russia are also said to have declined: from $1.2 billion per year between 2011 and 2018 to $400 million in 2022 and 2023. According to the Ukrainian foreign intelligence service, the reason for this is the war against Ukraine, sanctions, and the unpredictability of the Russian regime.