Russia has become China’s largest oil supplier, with the Putin regime remaining with fewer and fewer customers after Western sanctions, the BBC reports. Russia has begun selling crude oil to China at falling prices.
Russia’s oil exports to China rose 55 percent from last year, bringing Russia to the top of China’s suppliers, replacing Saudi Arabia.
China is increasing its Russian oil purchases, despite the fact that its economy is slowing down and demand is declining as a result of frequent lockdowns imposed to stop new Covid outbreaks.
In February, China and Russia declared their friendship “It has no limits.”
Chinese companies, including refinedSinopec State and Zhenhua Oil have increased their purchases of crude oil from Russia in recent months after receiving massive price reductions. Given that Europeans and Americans have given up fuel in Russia, the Putin regime now has no choice but to sell at low prices in China.
Oil exports to China, transported by Siberian gas pipeline and by sea, amounted to nearly 8.42 million tons last month, according to information released by Chinese authorities.
Despite sanctions, Russia continues to make huge profits from oil sales
In March, the United States and the United Kingdom announced that they would ban Russian oil, and the European Union announced plans to suspend gas imports, as a result of Russia’s aggression against Ukraine.
President Joe Biden said at the time that the sanctions were targeted „Main arteryof the Russian economy”.
Energy exports are a vital source of revenue for Russia’s economy, but sanctions are likely to affect Western consumers as well.
According to recent reports, Russia earned $ 100 billion from the sale of fossil fuels in the first 100 days of the war in Ukraine. Of these imports, 61% went to the European Union, which paid about $ 59 billion to the Russians.
Russia’s revenues from the sale of fossil fuels exceed the costs of the war in Ukraine. The think tank Center for Research on Energy and Clean Air estimates that Russia spends about $ 876 million a day on its war against Ukraine.
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