China's private refiners secretly buying Russian oil at low prices to evade US' embargoes

China's private refiners have been accused of secretly purchasing Russian oil at substantial discounts at a time when Western countries are contemplating an embargo on Moscow's oil for its unjustified invasion of Ukraine. As per Financial Times, an official of an independent refinery in Shandong, Eastern China, stated company had t publicly ackwledged dealings with Russian oil suppliers since onset of war in an attempt to avoid US sanctions, Sputnik reported. According to report, refinery has taken over a portion of Russian crude purchase quotas from state-owned commodity trading enterprises, which are seen as Beijing's face and have mostly refused to sign new supply contracts.

" purchases from China's independent refineries reveal how some importers are bypassing traditional routes to access cheap Russian oil, helping Beijing maintain a low profile as West barrs Moscow with sanctions," UK daily added. Meanwhile, an executive of company stated that Shandong refinery is cautious while purchasing Russian commodities. He furr warned that if US imposes secondary penalties on third-country companies doing business with Russia, company's Singaporean trading arm could close. 

Chinese refineries prefer Russia's ESPO grade oil from eastern Siberia: Reports

According to reports, commodity traders in European Union (EU) and Switzerland will also be unable to sell Rosneft barrels anywhere else in world from May 15. At least six supertankers, each capable of transporting up to 2 million barrels of oil, have reportedly consented to combine Russian Urals crude cargoes in Europe for transit to Asia, mostly China and also in India. report furr stated that Urals were discounted by $35 per barrel compared to Brent oil, compelling Chinese refineries to purchase m. Chinese refineries are said to prefer Russia's ESPO grade oil from eastern Siberia, which is shipped from Kozmi near Vladivostok by pipeline and ships. 

EU chief calls for Russian oil embargo in 6th pack of sanctions

Meanwhile, in sixth pack of sanctions against Moscow, European Union's top official called on member states to restrict oil imports from Russia and target country's largest bank and major broadcasters. Addressing European Parliament in Strasbourg, France, European Commission president Ursula von der Leyen urged EU member states to phase out Russian crude oil imports within six months and refined products by end of year. “We will make sure that we phase out Russian oil in an orderly fashion, in a way that allows us and our partners to secure alternative supply routes and minimizes impact on global markets,” von der Leyen said, as per AP. 

Im: AP