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Russia Ukraine War: Russia is buying huge amounts of Russian oil, beating Beijing, Saudi Arabia, Russia becomes China’s largest oil supplier

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Russia Ukraine War: Russia has become China’s biggest oil supplier as Moscow, which is facing sanctions due to Ukraine war, sold crude oil to Beijing at discounted prices. Russian oil imports increased by 55% in May from a year ago to a record level, making Russia the largest provider of oil to China, overtaking Saudi Arabia Is.

China has accelerated the purchase of Russian oil despite the reduction in demand due to Covid restrictions and slowing economy. On the other hand, Chinese companies, including state-run refining giant Sinopec and state-run Xenhua Oil, have increased their purchases of Russian crude in recent months after being offered steep discounts. In fact, European and American buyers have abandoned Russian energy because of war sanctions.

Last month there was almost so much import
Imports into China stood at around 8.42m tonnes last month, according to data from the Chinese General Administration of Customs. This includes supplies made via the East Siberia Pacific Ocean Pipeline and shipments by sea. Because of this, Saudi Arabia, which was China’s biggest source of crude oil, is now in second place with 7.82m tonnes.

US-UK announced ban on Russian oil
Let us tell you that in March, advancing the sanctions imposed on Russia, the US (US) and Britain (US) said that they would ban Russian oil, while the European Union (European Union) will impose its restrictions on Russian gas. Working towards eliminating dependency. At the time, US President Joe Biden said the move targeted “the main source of Russia’s economy”.

While energy exports are an important source of revenue for Russia, the move is likely to impact Western consumers as well.

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