China's 'no limits' partnership with, and support of, Russia is paying off.
Russia surpassed Saudi Arabia as the largest crude oil supplier to China over the past two months.
This has happened as Western sanctions due to Moscow's war with Ukraine lowered the price of Russian crude.China swooping in to take advantage of the lower price.
China's General Administration of Customs numbers:
- In June China imported 7.3 million tons of crude oil from Russia, up 9.5% y/y
- Oil imports +54.8% year-on-year to 8.4 million tons in May
