China's spending on Russian energy imports shoots up to $35 billion since the outbreak of the Ukraine war

China has spent $35 billion on energy imports from Russia since the beginning of the Ukrainian war.

According to a report Monday, the outlay on Russian energy from March to July is more than double what it was a year ago.

Customs data shows that Chinese buyers imported $7.2 billion of oil, natural gas and coal in July. In the same month in the previous year, $4.7 billion was booked.

China's spending figures will be inflated because of the spike in energy prices. China has imported more Russian crude oil, natural gas, and coal since the beginning of the war, according to the General Administration of Customs.

Western countries have imposed sanctions against Russia. The EU will impose an embargo on Russian crude in December, while the US will stop buying Russian oil.

As it searches for customers in the face of Western sanctions, Moscow is offering a discount on its oil exports. Russia's Urals oil is trading at a 22% discount to the global benchmark, with China's state and independent refineries jumping on the opportunity to buy cheap crude.

Over the past year, China has imported 20% more seaborne natural gas from Russia.

Russian coal imports reached a new record high of 7.4 million tons in July. Indonesia has been the top source of fuel for China.

Russia's economy is being propped up by strong allies like Brazil, India, and China.