How new US sanctions are changing China’s oil policy: what will Russia lose
24 October 2025 07:23
China’s largest state-owned oil companies have stopped maritime purchases of Russian oil after the imposition of US sanctions against such Russian giants as Rosneft and Lukoil. This was reported by Reuters, according to "Komersant Ukrainian"
Who stopped purchases
It is noted that the state-owned Chinese corporations Sinopec, CNOOC and Zhenhua Oil have now stopped purchases, as evidenced by the available data.
China’s daily maritime imports of Russian oil reach approximately 1.4 million barrels. The main buyers in this scheme are independent refineries and small operators.
China’s state-owned companies provide a much smaller volume of imports, about 250 thousand barrels per day according to Vortexa Analytics, or about 500 thousand barrels according to Energy Aspects.
Although independent refineries are likely to temporarily refrain from new purchases to assess the potential impact of sanctions, they are still showing interest in continuing to supply from Russia.
What is happening with other suppliers
Independent Chinese refineries are not signing new contracts yet, waiting for further clarification on sanctions.
In addition, China receives about 900 thousand barrels of Russian oil through pipelines every day. This raw material is mainly supplied to PetroChina, which traders consider an unlikely target for sanctions.
India is also reducing purchases
India, the second largest importer of Russian oil, has announced plans to significantly reduce its supplies to avoid the risk of secondary sanctions.
It is worth noting that the UK decided last week to cancel purchases of Russian oil after Rosneft, Lukoil, ships from the shadow fleet and some Chinese companies, including a large refinery, were included in its sanctions list.
Declining demand from two key consumers of Russian oil will create challenges for its importers, forcing them to look for alternative sources of supply. This could lead to a rise in global oil prices. In particular, demand for oil from regions that have not been affected by sanctions, such as the Middle East, Africa, and Latin America, is expected to increase.
