OREANDA-NEWS China's oil refineries (refineries) have resumed fuel purchases from Russia after a short break. This is reported by Bloomberg with reference to sources.

According to traders, private Chinese refineries have purchased several shipments of Russian ESPO oil in the Far East with delivery in December-January. The agency's interlocutors explained that it is now more profitable for enterprises to purchase Russian oil than a few weeks ago, since on the eve of the entry into force of EU sanctions, fuel is traded at a higher discount to the benchmark Brent brand. Prices for Russian Urals oil have dropped sharply due to excess reserves of unrealized fuel.

Sources noted that Chinese buyers are not concerned about the possibility of falling under European restrictions. The companies purchased Russian fuel under special conditions, according to which the responsibility for the delivered goods and their insurance lies with the exporter. In addition, the shipments were paid in Chinese yuan, not American dollars, and were financed through local banks and institutions.