China stopped buying Russian crude due to the impending oil price cap.
Chinese buyers have halted some purchases of Russian crude as a US-led price cap initiative looms in less than two weeks, according to reports.
Several Russian ESPO crudes have no buyers for December loading.
The European Union’s next round of sanctions will ban seaborne Russian crude imports into Europe, as well as related services to customers worldwide.
The cap is meant to keep Russian crude flowing through global markets and prevent a price spike while also squeezing Moscow’s finances and ability to fund its war in Ukraine.
China and India have emerged as big buyers of Russian crude since Putin ordered the invasion of Ukraine, while the US and other Western nations have stopped doing business with Moscow.
China’s biggest oil refiner reached out to Beijing for help in keeping Russian oil imports flowing after more sanctions take effect, because they were concerned about their ability to navigate the payments and insurance.
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