Executive Summary
In 2025, the energy partnership between Russia and China has solidified into a critical strategic alliance. With bilateral trade hitting a record $254 billion, Russia has become China's primary energy supplier, providing 19% of its total energy imports. This report details the structural shift in oil logistics, the 76.7% surge in LNG trade despite Western sanctions, and the implementation of a sophisticated non-dollar payment system.
Total Trade (2024)
Record High
Energy Trade
~40% of Turnover
Import Share
China's Total Energy
Dominating the Mix
By late 2025, Russia has solidified its position as China's largest aggregate energy supplier. The relationship has shifted from simple trade to structural interdependence. Energy commodities now underpin nearly 40% of the entire bilateral trade relationship.
"Russia provides nearly 19% of China's total energy imports by value, surpassing Saudi Arabia in crude volume and effectively replacing European demand."
Trade Composition (2024-2025)
Oil: The Anchor of the Partnership
Russia supplies ~2.3 million barrels per day (bpd), combining tanker flexibility with pipeline security.
Export Volumes by Route
A mix of maritime and overland infrastructure.
The "Sanctions Discount"
Widening gap due to tighter "Shadow Fleet" enforcement in Q4 2025.
*Discount rose from ~$3 to ~$7 as US sanctions increased logistical costs.
Gas: Pipelines & The LNG Surge
Russia now captures >25% of China's total gas market, driven by a massive LNG spike.
Pipeline Capacity (bcm/year)
Power of Siberia 1 is maxed. PoS-2 remains in negotiation.
LNG October Surge
Chinese imports of Russian LNG hit 1.3 million tonnes in Oct 2025.
Sanctions Evasion
"Shadow fleet" deliveries from Arctic LNG 2 continue with 30-40% discounts.
Coal: The Reliable #2
Market share dip due to tariffs, but remains a key supplier after Indonesia.
Nuclear: High-Tech Integration
Deep technological cooperation beyond commodity trading.
The Financial Shield
Bypassing the Dollar to settle 90% of trade in national currencies.
Currency Settlement
The "Netting" System (The China Track)
Strategic Balance: Who Gains What?
Russia's Position
Market Dependence
Relies on China as the sole viable growth market.
Revenue Security
Secures critical war economy funding.
China's Position
High Leverage
Dictates pricing and terms (Monopsony).
Overland Security
Immune to Malacca Strait naval blockades.