Russian Oil Takes New China Blow After Trump Sanctions: Report

Chinese refiner Yanchang Petroleum, backed by a provincial government, has stopped purchasing Russian oil, according to Reuters, citing two anonymous traders familiar with the matter.

Yanchang is shunning Russian oil in its tender for deliveries between December and mid-February, Reuters reported.

It follows U.S. President Donald Trump’s sanctions on Rosneft and Lukoil, Russia’s two top state-owned oil producers, to pile economic pressure on the Kremlin to make peace in its Ukraine war.

Four major Chinese state refiners had already reportedly halted Russian oil purchases in response to the sanctions.

China is the leading strategic partner of Russia and its large-scale oil purchases have until now helped Moscow’s war economy through Western sanctions over the invasion of Ukraine.

This is a breaking news story. Updates to follow.