Businesses do not want their activities to be seen as open support for Russia.
China's state-owned refineries continue to operate Russia's oil contracts, but avoid new ones. This was reported by Reuters, citing 6 own sources.
The publication said that despite the discounts, companies are listening to calls from Beijing to be careful, as the West is tightening sanctions against Russia over the attack on Ukraine.
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In particular, Sinopec, Asia's largest refiner, CNOOC, PetroChina and Sinochem have not yet purchased new Russian oil shipments for delivery in May.
According to Reuters, Chinese state-owned companies do not want their activities, including the purchase of additional volumes oil, was seen as open support for Moscow.
“State-owned enterprises are cautious, as their actions can be seen as actions of the Chinese government. None of them wants to be singled out as a buyer of Russian oil, “the source said.
Sources expect Chinese state-owned companies to continue to fulfill their long-term and existing contracts for Russian oil, but will avoid new spot deals.
In recent weeks, he has warned his global teams at internal meetings about the risks of working with Russia's oil.
According to another source, Sinopec is already facing problems with paying for Russian oil, even under old agreements. State-owned banks are avoiding risks and trying to cut funding for oil deals with Russia.
Reuters also noted that China is the world's largest importer of oil and a major buyer of Russian oil. Prior to the war in Ukraine, Russia's supplies accounted for 15% of China's total oil imports. let alone add fuel to the fire.
