China has refused to purchase maritime oil from Russia due to US sanctions
Chinese oil giants PetroChina, Sinopec, CNOOC and Zhenhua Oil halted deals with maritime Russian oil after the US imposed sanctions on 'Rosneft' and LUKOIL. This information became known from Reuters.
The decision of Chinese companies is already being felt in India, which is also planning to reduce imports of Russian oil due to sanctions. However, the decrease in demand from two major buyers may lead to a reduction in revenues for Moscow and a search for other suppliers in the global market.
Unipec, the trading unit of Sinopec, stopped purchasing Russian oil last week...
Additionally, independent processors may refuse to purchase to assess the impact of sanctions, but will still look for opportunities to acquire Russian oil. Increased demand for non-sanctioned oil from the Middle East and other regions may lead to a rise in global raw material prices.
After the US imposed sanctions on Russian oil companies, Chinese and Indian companies halted purchases of Russian oil, which may lead to changes in the global oil market and rising raw material prices.