Wednesday, October 11, 2023
China Benefits from Russia’s Energy Trade with the Arctic
China is taking advantage of Russia’s shift to the East and continues to expand its energy imports, particularly liquefied natural gas (LNG) and crude oil from the Arctic. In 2022, Russia surpassed Saudi Arabia as China’s largest supplier of oil, with China spending $58 billion on oil imports from Russia. Additionally, China purchased $8 billion of LNG primarily from the Yamal LNG plant in the Arctic