China continue to import large volumes of its crude oil from Russia amidst UKRAINE invasion
But the question is why is it so?. Why does China continue to import large volumes of oil from Russia despite several sanctions imposed on Russia by the West?.
A new report says China’s crude oil imports from Russia increased by 55% over the last year, which outrightly supplant Saudi Arabia as China’s top oil supplier.
Saudi Arabia which was China’s biggest source of crude oil supplied 7.82m tones as compared to Russia’s 8.4m tones last month according to the Chinese General Administration of Customs. So why does China decide to stick with Russian oil and gas?. Probably simple. Russia and its counterpart China have been very close allies for decades, and China is definitely not ready to ruin it for Russia’s invasion of Ukraine.
China calls Russia its “chief strategic partner” in the world in February when the war begun.
India also continue to depend on Russian oil and gas. These two Assian nations have the world’s biggest population so just imagine the huge sums of money they keep pushing into the Russian economy: India buys oil from Russia. Here are some Implications
Chinese companies including state owned entities like Zhenhua and Sinopec have increased the dose in the purchase of Russian crude oil and gas. To many experts, Russia’s huge discounts it offered its Assian allies after the America boycott Russian oil and gas could be a huge factor. EU are also doing everything possible to boycott Russian oil and gas by the end of 2022.