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Investing.com -- Chinese state-owned oil giants have halted purchases of seaborne Russian crude following new U.S. sanctions targeting Rosneft and Lukoil, Moscow’s two largest oil producers, according to a report by Reuters on Thursday.
Reuters said sources told them that PetroChina, Sinopec, CNOOC and Zhenhua Oil have suspended transactions at least in the short term out of concern over potential sanctions exposure.
The move is said to follow a similar trend in India, where refiners are also expected to sharply reduce imports of Russian oil to comply with the U.S. measures imposed over the Kremlin’s invasion of Ukraine.
According to Reuters, the suspension by China and India, the two biggest buyers of seaborne Russian oil, is expected to “put a strain on Moscow’s oil revenues” and drive global prices higher as importers seek alternative supplies.
The report cited trade data showing that China imports about 1.4 million barrels of Russian oil per day by sea, mostly through independent refiners known as “teapots.”
Purchases by state firms have reportedly been smaller, with Vortexa Analytics estimating under 250,000 barrels per day in the first nine months of 2025, while consultancy Energy Aspects put the figure closer to 500,000 barrels per day.
Unipec, the trading arm of Sinopec, halted Russian oil purchases last week after Britain sanctioned Rosneft, Lukoil, and several entities linked to the shadow fleet, Reuters said.
Despite the pause, analysts told Reuters that independent refiners may continue buying Russian crude once they assess the impact of sanctions.
However, both China and India are expected to increase imports from the Middle East, Africa and Latin America.