Delivery may be affected by Ukrainian events.
Western media have learned about China’s temporary rejection of Russian oil. This decision is connected with Russia’s military operation in Ukraine, potentially strained Russian-Ukrainian relations may affect the delivery of fuel.
According to Bloomberg, buyers of raw materials have suspended purchases, citing the fact that they are waiting for the situation with financing and payment of goods to clear up.
Against the background of the crisis, the cost of transporting oil from the Black Sea has increased several times.
Shippers are now avoiding the Black Sea for security reasons, insiders say.
Nevertheless, Chinese suppliers hope that the situation will clear up in the coming days. Chinese companies may find themselves in a situation where they get entangled in payment problems, or they will have to pay many times more for the delivery of valuable cargo.
Recall that China is the largest buyer of oil from Russia. Only at the beginning of February, firms from China bought Russian oil of the ESPO and Sokol brands.
The Urals brand of oil, which is loaded in the Black Sea, was also purchased.
In March of this year, China plans to supply at least 86 thousand barrels of Urals crude oil. This figure could be the largest in almost two years.
And in January 2022, the supply of the ESPO brand to China increased to 818 thousand barrels per day – this is also a record.
Analysts note that coal supplies will also suffer from the Ukrainian crisis – the price for it is growing rapidly. All this will lead to an increase in electricity prices in China.
As Topnews wrote earlier, Belgium appealed to the European Union with a cardinal proposal on sanctions for Russia – to cancel all valid visas of Russians.
European politicians also suggested disabling SWIFT international payment systems, but Europe and the United States have not taken this step yet.