China kept buying more energy from Russia, with purchases of oil, gas and coal jumping 75% in April to over $6 billion, even as domestic demand slowed due to a resurgent virus and the US and Europe moved away from purchases. Imports of Russian liquefied natural gas surged 80% from a year earlier to 463,000 tons, according to Chinese customs data on Friday. That’s despite China’s total imports of the super-chilled fuel dropping by more than a third as lockdowns and other restrictions on industrial activity choked demand. Crude imports, meanwhile, rose 4% on the year to 6.55 million tons, with Russia again behind only Saudi Arabia as China’s main source of oil. The surge in prices that accompanied Russia’s invasion of Ukraine boosted the value of China’s purchases of mineral fuels, including coal, to $6.42 billion. It means that 72% of China’s total imports in April from its strategic partner were energy-related. The volume figures for gas don’t include pipeline imports, which haven’t been reported since the start of the year, but the Power of Siberia link is a major conduit of the fuel to China. Moreover, Beijing is in discussions with Moscow to replenish its strategic crude stockpiles with cheaper Russian oil, a sign that energy ties between the two are only likely to strengthen as Russia’s westward markets wither due to the war in Ukraine.
Italy boosts oil imports from Russia
In May 2022, Italy imported the most Russian oil since 2013, the Financial Times reported on Friday, citing information from commodity data company Kpler. The May figure stood at 450,000 barrels per day, jumping over 300% in comparison to February 2022. Italy could surpass the Netherlands, currently the biggest importer of seaborne Russian oil in the European Union, according to the report. The increase in imports was mostly attributed to the ISAB refinery, which is owned by PJSC Lukoil from Russia but has had a diverse list of suppliers before banking aid from the EU stopped following the February events in eastern Europe. Due to a lack of EU financing, the refinery near Sicily has had to focus on oil supplies only from Lukoil, which is not formally under the sanctions regime. NN: As you can see other then liberal touchiee feelie spin NOTHING has been accomplished… Well not exactly- they have started WWIII. And destroyed Ukraine.