Four major state-owned Chinese oil companies have suspended their purchases of seaborne Russian oil in response to the new sanctions imposed by the Trump administration on Rosneft and Lukoil, according to a Reuters report, citing anonymous trade sources.
The suspension, if confirmed, would put Russia under major economic pressure to end its war on Ukraine. China is a key strategic partner of Russia and Beijing's large-scale oil purchases have aided Moscow through punishing Western sanctions related to its invasion of Ukraine. India, another big buyer of Russian oil, has also indicated it will cut purchases.
The four Chinese oil firms involved are PetroChina, Sinopec, CNOOC and Zhenhua Oil, per Reuters. Newsweek has contacted the four companies by email for comment, and also the Russian embassy in Beijing.
President Donald Trump has for months sought to bring Russia's war to an end, mostly through diplomacy. But Russian President Vladimir Putin has dug in on his war goals and even intensified his attacks on Ukraine, defying Trump's pleas for peace. Ukraine and its European allies have urged Trump to take tougher action in response to Moscow's recalcitrance.
The Chinese foreign ministry had earlier criticized the U.S. sanctions, characterizing them as unilateral and without basis in international law. The U.S. Treasury Department said it imposed the sanctions in response to Russia's refusal of a ceasefire in Ukraine.
“Now is the time to stop the killing and for an immediate ceasefire,” said Treasury Secretary Scott Bessent in a statement announcing the sanctions on Wednesday.
“Given President Putin’s refusal to end this senseless war, Treasury is sanctioning Russia’s two largest oil companies that fund the Kremlin’s war machine. Treasury is prepared to take further action if necessary to support President Trump’s effort to end yet another war. We encourage our allies to join us in and adhere to these sanctions.”
Trump said on Wednesday that Chinese President Xi Jinping holds influence over Putin and that he would raise the Russia-Ukraine war when the two leaders next meet.
A top Kremlin official called the U.S. sanctions and the cancellation of a summit between Trump and Putin an "act of war".
"If any of the many commentators still harbored illusions—here you go. The U.S. is our enemy, and their talkative 'peacemaker' has now fully taken the road to war with Russia," said Dmitry Medvedev, the deputy chairman to Putin on the Kremlin's Security Council and himself a former president, in a post on Telegram.
Medvedev added that the "decisions made are an act of war against Russia. And now Trump has fully sided with mad Europe."
Newsweek