Chinese State Refiners Cut Russian Oil Imports Amid Sanctions Uncertainty

Some state-controlled Chinese refiners have reduced purchases of Russian oil loadings for March as they assess the risks of dealing with sanctioned entities and wait for more clarity about a possible Russia-Ukraine ceasefire and potential U.S. sanctions relief on Russia’s oil trade. State-owned refining giant China Petroleum and Chemical Corporation, or Sinopec, as well as Zhenhua Oil, have suspended purchases of Russian crude oil loading this month, amid concerns over secondary sanctions, trade sources with knowledge of the plans told Reuters…