Chinese oil majors suspend Russian oil purchases after US sanctions on Rosneft and Lukoil: Report
China’s state-owned oil giants have suspended purchases of seaborne Russian oil following fresh US sanctions on Rosneft and Lukoil, Moscow’s oil producers, multiple trade sources told Reuters on Thursday.
The move by PetroChina, Sinopec, CNOOC and Zhenhua Oil marks a significant shift in one of Russia’s largest export markets and could further strain Moscow’s oil revenues while tightening global supply.
