Cheap Russian oil is finding its way into more corners of China’s refining industry, with buyers from coastal and inland regions snapping up cargoes that the US and Europe can’t touch.
Chinese companies registered in nine administration regions across the nation imported a record quantity of Russian crude last month, customs data show. Shipments also reached the most number of entities since January 2020, suggesting they are finding new customers in Asia’s largest refining market.
Asian buyers have been the main beneficiaries of the conflict in Europe, with China and India taking a record amount of Russian crude after the US, UK and European Union rolled out sanctions against Moscow over its invasion of Ukraine. Efforts to starve Putin’s administration from lucrative oil revenues have upended global flows, prompting a scramble for alternatives that has freed up Russian supplies for willing buyers across the region.