Well-known Chinese news site Sina recently reported that China just sent Russia a large amount of pre-payment, as had been agreed upon, in its oil supply contract with China. According to information that U.S. media has provided, this pre-payment in the third quarter totaled around 97.26 billion yuan (around US$15.2 billion). China made multiple much-needed payments to Russia earlier and this latest one is the largest overseas payment Russia has received since the West sanctioned Russia. Based on the China-Russia oil supply contract signed in 2013, Russia promised to supply China with 360 million tons of oil over 25 years. The total cost of the contract is US$270 billion. Russian President Vladimir Putin once revealed that China would pay US$70 billion worth of pre-payments. According to Russian media reports, the Russian oil companies are severely suffering because of the sanctions. The latest Chinese payment is crucial to sustaining Russian suppliers.
Source: Sina, November 17, 2015