China's top oil supplier is Russia

Russia became China's biggest oil supplier after selling discounted petroleum under Ukraine sanctions.

In May, Russian oil imports surpassed Saudi Arabia as China's biggest supplier, up 55% from a year earlier.

China increased Russian oil purchases despite Covid limits and a faltering economy.

Sinopec and Zhenhua Oil have upped their imports of Russian petroleum in recent months after being offered hefty discounts as European and US consumers eschewed Russian energy due to sanctions over Ukraine.

Imports entering China through the East Siberia Pacific Ocean pipeline and by sea totaled 8.42m tonnes last month, according to the Chinese General Administration of Customs.

Saudi Arabia, formerly China's biggest oil supplier, fell to second with 7.82m tonnes.

As the West steps up its economic response to Ukraine's invasion, the US and UK stated they would boycott Russian oil in March, and the EU has been seeking to decrease its reliance on Russian gas.

US President Joe Biden claimed the move targeted "Russia's economic arteries."

Russia relies heavily on energy exports, so this shift could affect Western consumers.

A think tank reported last week that Russia earned about $100bn (£82bn) from fossil fuel exports in the first 100 days of the country's invasion of Ukraine, despite a drop in May.

EU imports totaled $59bn, or 61% of total.

Overall, Russian oil and gas exports are declining and Moscow's energy sales revenue has fallen from a March peak of almost $1bn a day.

In the first 100 days of the Ukraine war, earnings still outpaced costs, with the CREA projecting Russia spends $876m per day on the invasion.

China received 260,000 tonnes of Iranian oil last month, its third cargo since December.

Despite US sanctions, China buys Iranian oil.

With gas prices so high, everyone fills up when they see a deal. India has also increased purchases as Russia strives to gain new business.

This and rising crude prices helped Russia grow revenues after its invasion of Ukraine.

Before the war, China bought 10 barrels of Russian oil from the UK and US. Moscow may not try too hard to make up for lost business from China and South Korea.

Already, Russia's oil earnings are dwindling, and that will accelerate as European nations seek new energy sources.