Chinese companies may snaffle shunned Russian oil

Chinese companies are expected to scoop up discounted Russian oil should sanctions deter other buyers, traders said, potentially repeating a pattern seen when Iran and Venezuela were hit by US curbs.

China is a long-standing buyer of Russian crude, and Beijing is a strategic partner and neighbour. Its local importers are no strangers to working with sanctioned regimes and counterparties, procuring crude from Iran and Venezuela during the most crippling curbs by using clandestine activities. “Even if it’s sanctioned, it can settle oil in yuan or roubles and, as we have seen with Iran and Venezuela, some buyers that don’t have international exposure can work around sanctions,” said Meidan.

Still, some Chinese banks may continue to carefully assess the potential risks of handling Russian transactions as the size of their exposure outside China far outweighs the significance of that business.

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