Summary
A Chinese oil company, Yanchang Petroleum, has stopped buying oil from Russia. This decision follows sanctions by President Donald Trump on two major Russian oil producers, Rosneft and Lukoil, aimed at pressuring Russia regarding its ongoing conflict in Ukraine.
Key Facts
- Yanchang Petroleum, a Chinese company, will not buy Russian oil from December to mid-February.
- This decision aligns with U.S. sanctions imposed by President Trump on Russian oil producers Rosneft and Lukoil.
- Four major Chinese state-owned refiners had already stopped buying Russian oil due to these sanctions.
- The sanctions are part of efforts to pressure Russia to make peace in the Ukraine conflict.
- China's large oil purchases have been supporting Russia's economy despite Western sanctions.
- Yanchang Petroleum is backed by a provincial government in China.
