Ukraine War
Russia Becomes China’s Biggest Oil Supplier
(CTN News) – The BBC reported that Russian oil imports to China increased by 55%, making it the biggest oil supplier in the country.
Due to sanctions over the Ukraine war, Russia sold crude to Beijing at a discount. Saudi Arabia is no longer the largest oil supplier.
In spite of COVID and a slowing economy, China has increased its purchases of Russian oil.
They had said in February that their friendship knew no bounds.
The imports in China totaled almost 8.42 million tonnes just last month
As reported by the Chinese General Administration of Customs, China imported almost 8.42 million tonnes last month alone.
Meanwhile, Saudi Arabia – which was previously China’s top crude oil supplier – exported 7.82 million tonnes.
It was announced in March that the UK and US would ban Russian oil. Following the invasion of Ukraine, the European Union began searching for alternatives to Russian energy sources.
They were attacking Russia’s “main artery” by doing so, according to the US president.
Russia relies heavily on energy exports for revenue. Western consumers, however, were affected by this move.
According to the Centre for Research on Energy and Clean Air, Russia earned nearly $100 billion in revenue through fossil fuel exports despite a decline in exports in May.
61% of these imports were from the European Union, according to the report.
In the first 100 days of the Ukraine war, revenues still exceeded the cost of the war in Russian oil and gas exports.
China has continued to buy Iranian oil despite US sanctions.
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