At a time when Western countries are considering an oil sanction against Russia due to its military operations in Ukraine, China’s independent refiners are quietly purchasing Russian oil at a steep discount.
According to officials, the refinery received some of the purchased quotas for Russian crude oil from state-owned commodity trading companies. The majority of state trading companies have declined to sign new supply contracts.
According to a media report, it was for the importer to bypass the traditional route to access cheap Russian oil and made it possible for Beijing to maintain a low profile during the West’s policy to roll out more and more anti-Russian sanctions.
China is ready to help out Russia from western sanctions amid the invasion of Ukraine but only to that point where Chine does not face sanctions and internal food security is intact.
Western countries announced an array of new sanctions on Russia in the background of Moscow’s special military operation in Ukraine.