Chinese Oil Majors Suspend Seaborne Russian Crude Imports

Major Chinese state-owned oil firms, including Sinopec and Zhenhua Oil, have suspended seaborne imports of Russian crude oil this month. The decision is attributed to risks stemming from intensified U.S. sanctions on Russian oil companies Rosneft and Lukoil, according to reports from Reuters and industry sources.

Additionally, PetroChina and CNOOC are reportedly scaling back their import volumes, which could disrupt shipments of up to 300,000 barrels per day of the ESPO blend. This development follows a trend observed in other countries, as Indian refiners have also begun to cut Russian oil imports due to similar U.S. sanctions, highlighting the broader impact of these restrictions on global oil markets.

For more on related coverage, see Indian refiners to cut Russian oil imports due to U.S. sanctions.