Chinese public refineries respect existing oil deals with Russia, but are avoiding entering into new deals despite higher concessions, thus heeding Beijing’s call for prudence at a time when global sanctions against Moscow are mounting due to the Ukraine invasion, Reuters quoted a number as saying. Close sources for this process.
State-owned Sinopec, CNOC, Petrosena and Synochem, Asia’s largest refineries, sidelined new exports of Russian oil for delivery in May, the same sources said anonymously.
Chinese state-owned companies do not want to be seen as openly supporting Moscow, which, according to two such sources, will happen if they buy too much oil. The EU imposed sanctions on major Russian exporters Rosneft and Gazprom Neft after Washington banned Russian crude imports last month.
“Chinese state-owned companies are cautious because their actions can be seen as representative of the Chinese government, and none of them want to be identified as buyers of Russian oil,” one source told Reuters.
Beijing and Moscow have developed ever-closer ties in recent years, announcing a “no-holds-barred” alliance last February – and China has refused to condemn Russia’s military action in Ukraine or even call it an “invasion.”
China, the world’s largest oil importer, is a major buyer of Russian crude oil – it buys 1.6 million barrels a day and half of this amount comes from contracts signed between the two governments.
Hungary agrees to pay for Russian gas in rubles
If Beijing stays away from the Kremlin – China, like India, talks about the Puja massacre, defends the Beijing investigation and condemns the killing of New Delhi civilians – Putin has the support of one of his “friends”.
Viktor Orbán, who was re-elected Sunday for a fourth term as Hungarian prime minister, pointed out that Budapest would agree to pay Russian gas in rubles if requested by Moscow, contrary to the general position of the European Union so far.
Washington and London with new sanctions on Moscow
The United States and the United Kingdom have announced new sanctions against Russia in the wake of the Pucha massacre.
The new sanctions, which are expected to be monitored by other G7 countries, include sanctions against Putin’s two daughters and the wife and daughter of Russian Foreign Minister Sergei Lavrov, and former president and prime minister Dmitry Medvedev. .
Russia’s largest bank, Sberbank, and Russia’s largest private bank, Alfa Bank, and other Russian state – owned companies were also targeted.
Sberbank and Alfa Bank, two major Russian banks, have been included in the US and UK sanctions.
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