Chinese state oil companies are reducing their imports of Russian oil due to concerns over recent U.S. sanctions on Moscow. Sinopec and Zhenhua Oil have halted purchases of March-loading Russian oil, while PetroChina and CNOOC have scaled back volumes. The reduced buying by Chinese state players has impacted Russian oil prices and put additional pressure on Russia ahead of a possible ceasefire deal with Ukraine. Independent refiners have stepped in to fill the gap, supporting prices for Russia's ESPO blend. Despite Western restrictions, Chinese state firms have been key clients of Russian oil, with China being Russia's largest oil supplier.
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