China increases imports of Russian energy and LNG

China has significantly increased its imports of Russian energy between January and September, with a particularly sharp rise in liquefied natural gas (LNG). According to Chinese customs data, Russian LNG imports reached 7.19 million tons, marking a 44.3% year-on-year increase. The total value of these deliveries rose by 38.5% to $3.92 billion, positioning Russia as the second-largest LNG supplier to China, trailing only Australia.

This trend occurs alongside a decline in imports from other traditional suppliers, including Qatar, Indonesia, and the United States. Additionally, reports indicate that Gazprom is providing substantial discounts on natural gas sold to China via the Power of Siberia pipeline. The interim annual price for the Chinese market is expected to be approximately $247.9 per thousand cubic meters, representing a discount of roughly 56% compared to the prices paid by Gazprom’s other international clients.