Translator: Christine
Edited by: Lish

Source: ft.com

As the West sanctions Russia over the Russia-Ukraine war, the CCP is quietly buying record amounts of cheap Russian energy to fill the vacuum left by Western buyers such as Europe and the United States, according to a May 20 report by the Epoch Times.

The CCP, the world’s largest oil importer, had cut its oil imports from Russia a month ago over concerns that open support for Moscow could trigger sanctions.

However, the latest statistics show that the CCP is buying a lot of energy from Russia, including a 75 percent increase in oil, gas, and coal purchases in April, amounting to more than $6 billion.

Since Russia attacked Ukraine, the U.S., the U.K., and other countries have quickly banned imports of Russian oil. The EU is also negotiating further sanctions that include a ban on buying oil. It has caused the price of Russian oil to plummet to a level far below that of Middle Eastern, African and European oil. Since the withdrawal of Vido and Torque, a “vacuum” has been created in the energy market, which the CCP has quickly filled by buying cheap oil in large quantities.

According to Luft’s trade data, CCP coal imports from Russia almost doubled between March and April, totaling 4.42 million tons.

The CCP oil imports by sea from Russia will climb to a near-record 1.1 million barrels per day in May, up from 750,000 barrels per day in the first quarter and 800,000 barrels per day in 2021, according to estimates by tanker tracking firm Vortexa Analytics.

In addition, under the intergovernmental agreement, the CCP is to receive about 800,000 barrels per day of Russian oil via pipeline. In May, it would bring the CCP’s imports to nearly 2 million barrels per day, or 15% of China’s total demand.

Source: https://gnews.org/post/p2570263/

Published by:tianzhihuan

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