Russian oil supplies to China have declined sharply because of the new sanctions imposed by the United States. In February, the volume of imports fell to 969 thousand barrels a day - this is the lowest level since December 2022, Reuters reports.
China's state -owned oil companies, such as Sinopec, Zhenhua Oil, Petrochina and CnoOOC, are forced to reduce purchases due to the danger of violation of sanctions restrictions. In particular, Sinopec completely stopped importing Russian oil, and Zhenhua Oil also made a similar decision. At the same time, Petrochina and CNOOC only reduced supply volumes while continuing marine shipments.
Sources in the industry note that Sinopec is currently conducting additional checks to assess the risks associated with US sanctions. The company awaits a "clear picture" about the possible settlement of the Russian Federation against Ukraine. Sinopec can restore purchases if the US weaken or cancel sanctions.
Chinese companies are considering possible ways to bypass new restrictions, but are still refrain from purchasing from sanctions. According to experts, the situation remains uncertain, and further decisions of companies will depend on geopolitical changes and possible views of US sanction policy.
Reducing Russian oil purchases can reduce Russia's revenues from energy exports. At the same time, China is looking for alternative sources of deliveries to minimize the risks associated with sanctions.
