China state oil majors suspend Russian oil buys due to sanctions

Chinese state oil companies have halted seaborne Russian oil purchases following U.S. sanctions on Rosneft and Lukoil. Indian refiners, the largest buyers of Russian oil, are also cutting imports to comply with these sanctions.

This decline in demand from major customers will strain Russia's oil revenues and spur top importers to seek alternative supplies, likely raising global prices.

Chinese firms, including PetroChina and Sinopec, are refraining from Russian oil dealings due to sanctions concerns. Independent refiners may pause purchases but still consider buying Russian oil.

As markets shift, prices for non-sanctioned oil from the Middle East, Africa, and Latin America are expected to rise.