"Eat" Kremlin Revenues: Several Chinese companies have restricted the purchase of oil in the Russian Federation - Reuters

Chinese state -owned Sinopec and Zhenhua Oil companies have completely suspended the purchase of oil resources in Russia, which has already experienced negative consequences: it is reported that prices for Russian ESPO Russian oil have fallen significantly, which provoked additional problems that could increase over time. Some giants, such as Petrochina and CnoOOC, have significantly reduced oil purchases in March. This was reported by Reutres on March 14.

Against the background of recent economic restrictions imposed in the United States against Russia, Chinese state -owned enterprises have decided to stop or significantly reduce the purchase of oil resources in the Russian Federation, evaluating how US sanctions can influence them.

One of the sources of the agency in Beijing reported that the enterprise is expected to be specific and a "clear picture" of a possible agreement between Russia and the United States, which should put an end to combat actions. With regard to the renewal of Russian oil purchases, as it was before the introduction of restrictions, the company is said to be only when the negotiations will be successful and will result in weakening or final withdrawal of US sanctions against Russia.

While this has not happened, the Russians are already experiencing the results of such restrictions from China, according to the publication. They point out that against the background of this price for ESPO oil, the Russian Federation has decreased significantly. "Reducing purchases by Chinese government players influenced the prices of Russian oil, eating Moscow's revenues and creating additional pressure on Russia," the newspaper reports.

The pressure is especially noticeable against the background of future arrangements for ceasefire in the Russian-Ukrainian war, according to the agency. In addition, the Kremlin's revenues "eat" such restrictions, affecting Russia's economic capabilities in war. Shortly after the start of a full -scale invasion of Russia into Ukraine and the first sanction against the Kremlin, the largest Chinese oil refineries Petrochina and Sinopec have suspended the purchase of oil in Russia.

The pause did not last long: in February 2023, they resumed the purchase of oil resources in Russia. The event prohibited the purchase of Russian oil in early February 2023, but it did not extend to "third countries". We will remind, on March 13 it became known that the United States did not continue opportunities for Russian banks that were engaged in the processing of European payments for oil. On March 7, Trump threatened Russia with new sanctions if it does not sit at the negotiating table.