The major state-owned oil companies in China have suspended purchases of Russian oil due to the sanctions imposed by the US on Rosneft and Lukoil.

The major state-owned oil companies in China, including PetroChina, Sinopec, and CNOOC, have decided to suspend purchases of Russian oil transported by sea, as a result of the sanctions imposed by the United States on the Russian companies Rosneft and Lukoil. This measure coincides with the intention of refineries in India, the largest buyer of Russian oil, to drastically reduce imports of crude from Russia.

This decrease in demand from Russia's main clients will affect Moscow's revenues and will prompt importers to seek alternative sources, which will lead to an increase in global prices. Although China imports about 1.4 million barrels of Russian oil per day, most purchases are made by independent refineries. Unipec, the trading division of Sinopec, has recently suspended purchases, and independent refineries will assess the impact of the sanctions before continuing their purchases. It is estimated that China will seek other supply sources, which will influence oil prices from other regions.