Published
10 mins ago
on
June 11, 2024 How Oil Is Adding Fuel to Global Fragmentation
Russia’s invasion of Ukraine in February 2022 led to severe bans or restrictions on Russian oil from the West. Meanwhile, other nations—including China, India, and Türkiye—opted to deepen trade ties with the country.
This graphic from the Hinrich Foundation is the final visualization in a three-part series covering the future of trade. It provides visual context to the growing divide among countries shunning Russian oil versus those taking advantage of the excess supply.
Which Countries Have Decreased or Banned Russian Oil Imports?
This analysis uses data from the IEA’s February 2024 Oil Market Report on Russian oil exports from 2021 to 2023.
Following the invasion, both the U.S. and the UK enacted a complete ban on Russian crude. Imports dropped from 600,000 barrels per day (bpd) in 2021 to zero by late-2022.
Country/Region2021 (bpd)2022 (bpd)2023 (bpd)Change; 2021-2023 (bpd) EU3.3M3.0M600K-2.7M UK & U.S.600K100K0-600K OECD Asia500K200K0-500K
Similarly, the EU, which has historically been more reliant on oil from Russia, dropped imports by over 80%, from 3.3 million bpd in 2021 to 600,000 bpd in 2023.
OECD Asia-Pacific—which includes Japan, South Korea, Australia, and New Zealand—also slashed their Russian oil imports.
Which Countries Have Increased Imports of Russian Oil?
The pullback in demand for Russian crude from the West created a buying opportunity for countries and regions that chose not to support Western sanctions.
Country/Region2021 (bpd)2022 (bpd)2023 (bpd)Change; 2021-2023 (bpd) India100K900K1.9M+1.8M China1.6M1.9M2.3M+700K Türkiye200K400K700K+500K Africa100K100K400K+300K Middle East100K200K300K+200K Latin America100K100K200K+100K Other800K600K900K+100K
India increased its imports of oil from Russia, by the largest amount from 2021 to 2023—up to 1.9 million bpd from only 100,000 bpd.
China, the biggest net importer, also saw a large uptick. The country boosted imports for Russian oil by over 40% over this timeframe. Türkiye increased imports of Russian crude by an additional 500,000 bpd.
Several other regions—such as Africa, the Middle East, and Latin America—saw slight upticks in imports.
Shifting Trade Dependencies
The dynamics present in the global crude market underscore broader trends in Russia’s trade relationships. Russia is becoming increasingly less economically reliant on the West