SINGAPORE: Chinese state oil majors have suspended purchases of seaborne Russian oil after the United States imposed sanctions on Rosneft and Lukoil, Moscow’s two biggest oil companies, multiple trade sources said on Thursday (Oct 23).
The move comes as refiners in India, the largest buyer of seaborne Russian oil, are set to sharply cut their crude imports from Moscow to comply with the US sanctions imposed over the Kremlin’s invasion of Ukraine.
A sharp drop in oil demand from Russia’s two largest customers will put a strain on Moscow’s oil revenues and force the world’s top importers to seek alternative supplies and push up global prices.
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