China buys up Russian crude rejected by the West

Monthly data from Russia’s trading partners indicate a rapid reorientation of Russian exports towards Asian markets. In particular, the data shows the US dollar value of Russian exports to China soared by 40% y/y in January-April and was up 80% y/y in May when China ramped up purchases of Russian crude.

What you will learn:

• The data also confirm that some of the countries that have announced sanctions are severing trade ties with Russia.
• Data on the US dollar value of exports to Russia show that G10 countries are sticking to their word and exporting much less than they used to before the Ukraine war.
• Meanwhile, oil trade statistics show only a small drop in the volume of oil exports since the beginning of the war.