Strict economic sanctions have been imposed on Russia over its attack on Ukraine. In this situation, Russia has become the main source of China’s oil imports by selling crude oil at discounted prices.
Oil imports from Russia rose 55 percent in May from a year earlier, a new record. As a result, Russia has become the main source of oil imported by China, displacing Saudi Arabia. News from the BBC
Despite the recession caused by the coronavirus and the slowdown in the overall economy, China has increased its oil imports from Russia.
In February, China and Russia jointly declared that their friendship had “no limits.”
While buyers in Europe and the United States have boycotted Russian oil, companies such as China’s state-owned refineries Sinopec and Zhenhua Well have increased crude oil imports from Russia at discounted prices.
According to the Chinese Customs Service, 84.2 million tons of oil came from Russia last month. Most of this came through the East Siberia Pacific Ocean pipeline and by sea.
At the same time, the amount of oil from Saudi Arabia stood at 620,000 tons.