China’s state-owned companies have stopped buying Russian oil, – Reuters

Companies are waiting for a “clearer picture” of a future potential agreement to end the war in Ukraine.

China’s largest state oil company Sinopec has completely stopped buying Russian oil due to risks associated with US sanctions , Reuters reports, citing informed sources.

Zhenhua Oil, a subsidiary of Chinese defense contractor Norinco, also stopped purchasing. In turn, PetroChina and CNOOC continued purchasing in March, but significantly reduced the volume of “black gold” imports.

According to an anonymous source at Sinopec, his company has stopped buying Russian oil entirely as it carries out additional checks to ensure compliance with sanctions requirements.

The firm has decided to wait until a “clearer picture” of a potential future agreement to end the war in Ukraine emerges. It is specified that Sinopec is ready to resume purchases if negotiations between Washington and Moscow lead to the easing or lifting of American sanctions.

(C)UNIAN 2025