Russian President Vladimir Putin, Chinese leader Xi Jinping and Indian Prime Minister Narendra Modi met at the Shanghai Cooperation Organization (SCO) summit in Tianjin, sending a remarkable message of solidarity. The summit was an important opportunity for Russia to establish direct contact with its largest oil buyers.
Western sanctions imposed after the 2022 invasion of Ukraine left Russia isolated in foreign trade, while China and India turned to cheap Russian oil. Today, these two countries account for the majority of Russia’s energy exports. China bought over 100 million tons of Russian oil last year, while India’s purchases have reached $140 billion since 2022.
However, this trade is under political pressure due to harsh US tariffs.
While Washington is imposing a 25% additional tariff on India for purchasing Russian oil, China is negotiating to avoid similar sanctions. Despite this, Modi defended energy cooperation with Moscow, saying to Putin, “We walked shoulder to shoulder.”According to analysts, Russia may offer more discounts to retain India and China. This would provide India with cheap energy and Putin with resources for his war budget.
China, on the other hand, aims to promote its vision of a multipolar world order as an alternative to the US at the summit.In conclusion, the economic interests of the three countries unite them on the same front against the US, and energy cooperation is becoming increasingly strategic.
