Map of Russian Energy Exports: China Sets Prices, Arctic Eases Bottleneck
Russian energy export volumes have recovered, but Moscow's ability to set prices continues to erode. About four-fifths of Russian oil exports now go to China and India, and the Power of Siberia 2 pipeline talks have stalled over price. Rosneft estimates China has saved nearly $27 billion on Russian oil since 2022.
Why it matters: This fits the briefing's theme of energy exports: Russia's redirected export system is becoming more concentrated, and buyers such as China are setting the terms.