China’s State Refiners Are Avoiding New Russian Oil Contracts

China’s State Refiners Are Avoiding New Russian Oil Contracts
Photo by Alejandro Luengo / Unsplash

China’s state refiners are avoiding new Russian oil contracts despite steep discounts, heeding Beijing’s call for caution as western sanctions mount against Russia over its invasion of Ukraine, as reported by Reuters.

It should be noted that China, the world's largest oil importer, is the top buyer of Russian crude oil.