China cuts Russian oil purchases to minimum since war

Russian oil supplies to Asia fell to their lowest level since April 1. They are also 20 percent below their mid-April peak of 1.72 million bpd, according to Bloomberg, which tracks tankers. Even if all the oil on ships that don’t specify their destination arrives in Asia, shipments will still be the lowest since March.

India and China have become a bailout for oil workers and Russia’s budget after it invaded Ukraine and EU countries drastically cut its oil purchases and the US and UK imposed embargoes. But now the situation has changed and hits the budget.

In the spring, revenues from the export duty were at a maximum of $ 238 million (for the week to April 22), and for the week to August 12 - only $ 145 million (calculations by Bloomberg).