Sanctions restrict the export of Russian oil to China and Turkey
As a result of Western sanctions on Russian oil, China and Turkey have significantly reduced their imports of energy resources from Russia, Reuters reports citing insider sources.
China, the biggest importer of Russian oil, has cut supplies by approximately 45% of the total volume due to US sanctions affecting Rosneft and Lukoil. Major Chinese state companies such as Sinopec and PetroChina have already canceled purchases of Russian oil, and smaller refineries have been cautious due to the risk of falling under sanctions after the case with Shandong Yulong Petrochemical.
Turkey, which was previously actively purchasing Russian energy resources, has also begun to change its strategy. A refinery owned by Azerbaijan’s SOCAR has purchased four consignments of crude oil from Iraq and Kazakhstan. This marks a shift in priorities in response to pressure from the US, the European Union, and the UK, who are seeking to restrict Russian energy flows.
India has also experienced some changes, as some of its refineries temporarily halted purchases due to sanctions. However, the country’s largest refiner, Indian Oil, has partially resumed imports of the attractive Urals grade through alternative suppliers.
These approaches reflect a strategy that may strengthen the positions of non-Russian energy suppliers in the global market in the future. Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC+), with its statement on halting production growth, has supported the increase in oil prices.
| Country | Imports from Russia, barrels/day | Non-Russian imports, barrels/day |
|---|---|---|
| China | 1-1.5 million | Reduced by 45% |
| India | 1.2-1.8 million | Partially restored |
| Turkey | 300 thousand | 4 consignments from Iraq and Kazakhstan |
