Putin ally China rejects Russian oil despite steep discounts amid Western sanctions, report says



China is avoiding new Russian oil contracts despite steep discounts and Beijing's friendly relations with Vladimir Putin, according to a Wednesday Reuters report.

While China has refrained from penalizing Russia for its war on Ukraine, state refiners are falling in line with Beijing's recent call for caution by not signing new contracts as the West imposes sanctions.

The refiners will continue to honor existing Russian contracts, but sources told Reuters that government-run Sinopec, the largest refiner in Asia, as well as CNOOC, PetroChina, and Sinochem have all skipped on trading fresh Russian cargoes for May deliveries.

Since Washington banned Russian oil in March, Chinese refiners do not want to signal any support for Moscow, the report noted. Meanwhile, the European Union has sanctioned Russian energy giants Rosneft and Gazprom, while support is building within the EU to join the US in banning imports outright.

As Western sanctions continue to snag Russia's economy, some analysts have said Putin may increasingly turn to China to pick up the slack as an economic lifeline.

But China's apparent caution on new oil deals comes after previous signals of support for Russia. In early February, the two countries announced a "no limits" partnership.

And since Russia invaded Ukraine in February, China has not explicitly condemned Moscow's invasion, as relations between two nations have grown closer in recent years.

https://markets.businessinsider.com/news/commodities/putin-ally-china-oil-deals-russia-ukraine-sanctions-sinopec-cnooc-2022-4

YinkaOlusesi16:
You can`t eat ur cake & still av it, ko possible. Power drunk Putin will forever regret what he does to ukraine.

NOETHNICITY:


Most people praising China here do not understand how sanctions work.

The fact is this, chinese biggest companies will naturally want to avoid US sanctions given thier international outreach. China's biggest companies still want to continue doing business with US and other big countries, so to avoid US sanctions they would have to avoid Russian oil.
What china now needs to do is to set smaller firms that do not have any international interest at stake and use such companies to transact with Russia. China has been doing this with Iran for years and it will do same for Russia

plaindealer:


China is smatter than you, they know what's at stake hence their decision to stay away from Russian oil...

Cheap Russian Oil and Putin are not so important or worth getting in trouble for, especially when safe and secure Oil is available all over the world.

Even your scheme sef sounds too armature .

plaindealer:


China is smatter than you, they know what's at stake hence their decision to stay away from Russian oil...

Cheap Russian Oil and Putin are not so important or worth getting in trouble for, especially when safe and secure Oil is available all over the world.

Even your scheme sef sounds too armature .

NOETHNICITY:
Sit down there dey analyse ur own dey go. China will never stop buying Russian oil. Only a someone wacky thinks otherwise.
Those of you expecting china to discard Russian oil, una go wait tire. Even Europe (US allies) desperate to wean itself off russian oil and gas will not be able to do so in the next 5years

plaindealer:
I like China..''


The fear of Western sanctions is the beginning of wisdom

China can not afford to commit suicide or economic collateral damage because of some poor lunatic and mad man in Moscow...

NOETHNICITY:
Most people praising China here do not understand how sanctions work.

The fact is this, chinese biggest companies will naturally want to avoid US sanctions given thier international outreach. China's biggest companies still want to continue doing business with US and other big countries, so to avoid US sanctions they would have to avoid Russian oil.
What china now needs to do is to set smaller firms that do not have any international interest at stake and use such companies to transact with Russia. China has been doing this with Iran for years and it will do same for Russia

plaindealer:
I like China..''


The fear of Western sanctions is the beginning of wisdom

China can not afford to commit suicide or economic collateral damage because of some poor lunatic and mad man in Moscow...

paafin:


Fear of which Western sanctions??

All the countries sanctioned by the so called west are all doing fine..

China will always buy Russian oil and are buying Russian oil..

Even India are buying..

OAUTemitayo:

China have been buying Iranian oil despite the heavy sanctions, they will do more for Russia. It is not the west that will determine that.
And if you want to go into economic depression, sanction China and raise your production costs. You will understand the reason Chinese products are cheaper than European products when you start

seanwilliam:
give me 3 examples of countries heavily sanctioned by the west that are doing fine.. I’m willing to learn….

paafin:


Fear of which Western sanctions??

All the countries sanctioned by the so called west are all doing fine..

China will always buy Russian oil and are buying Russian oil..

Even India are buying..

Nitah1:
See this one why don't you give that advise to your president in aso rock..?
For your mind now you smart passed Chinese?


Putin asslickers.

plaindealer:



So, why is China rejecting Russia's cheap oil?

Is it not because China is afraid of sanctions? Did the West not openly warn China never to violate the sanctions or hell Russia in any way and is China not abiding?

The story is clear and what China is doing to avoid sanctions is clear and no amount of cheap Russian oil, they still won't help Russia or break the sanctions and they have not since day one.

Now, why do people argue and make up your own rubbish story?

Russia is not Iran, the situation is not the same and if they bought Iranian oil before, they know how to do the same thing now so why are they not doing it?

Are you China or you know more than China? China is doing what it's doing to avoid sanctions, but you are ranting and daring the west to sanctum China. Do you not see that you are not making any sense?

It is not by force to comment.

paafin:
China that's buying Russian oil

According to a Wednesday Reuters report

OAUTemitayo:

It is your penchant to resort to abuse in the most civic of conversations.
Someone having a different perspective doesn't mean you should resort to abuse and disparage.
Relying on Western media that China has stopped buying Russian oil when same China has been buying Iranian oil for over 10 years despite sanctions doesn't sound logical considering Russia is even a bigger ally to China than Iran.
I end all conversations with you though..

plaindealer:



You people just love to rant and here yourself talk out of the side of your mouth..

Yes, North Korea is doing fine, pack your load and move to North Korea abi.

You comedians talk as if you know more than China or you are china's father and you makes decisions for China from your village in Nigeria..

China said they are honoring old pre war contracts and warning their people not to sign new contracts with Russia, not even for cheap Russian Oil, but you ignorant can't read and comprehend fake pouTin roadside noisemakers are sitting here talking and formulating your own rubbish.

Bty, didn't India just looked the the other way and while the world kick Russia of UNGA instead of voting to support Russia?

paafin:


Show us where China warned their people not to sign contracts or buy from anything from Russia, please..

I need it from a credible Chinese news media like Xin Hua, please..

While China has refrained from penalizing Russia for its war on Ukraine, state refiners are falling in line with Beijing's recent call for caution by not signing new contracts as the West imposes sanctions.

The refiners will continue to honor existing Russian contracts, but sources told Reuters that government-run Sinopec, the largest refiner in Asia, as well as CNOOC, PetroChina, and Sinochem have all skipped on trading fresh Russian cargoes for May deliveries.


But China's apparent caution on new oil deals comes after previous signals of support for Russia. In early February, the two countries announced a "no limits" partnership.

paafin:

Russia
Iran
Venezuela

Do you need more examples?