Russia thumbs up to Western sanctions

Russia has become China's largest oil supplier, selling crude oil at special discounts to Beijing. Russia and China have stepped up bilateral oil trade over the past, pointing the finger at Western sanctions over the Ukraine war. Russia's oil imports to China rose 55 percent in May this year from a year earlier. As a result, Saudi Arabia, the oil giant in the Middle East, has lost the title of China's largest oil supplier. Despite the slowdown in the economy and declining demand for oil due to the Kovid embargo, China has increased its oil purchases. Last February, the two neighboring countries declared that "their friendship has no limits". Chinese companies, including state-owned refining giant Sinopec and state-run Zhenghua Oil, have increased purchases of Russian crude oil in recent months. Russia announces massive concessions as buyers in Europe and the United States turn away from sanctions over the Ukraine war. Despite Moscow's announcement, China is importing more Russian oil than ever before, despite a lack of demand in the domestic market. According to China's General Administration of Customs, China imported a total of about 6 million 42 thousand metric tons of oil from Russia last month through the East Siberian Pacific Ocean pipeline and shipping by sea. In the same month, Saudi Arabia's oil exports to China amounted to 6 million 62 thousand metric tons. As a result, Saudi Arabia has lost its position as the largest supplier of crude oil to China. The United States and the United Kingdom announced in March that they would ban Russian oil. On the other hand, the European Union (EU) is working to end Russia's dependence on gas. The Western world has intensified its economic response to Russia's aggression against Ukraine. US President Joe Biden has said that these measures are aimed at the main arteries of Russia's economy. One of the most important sources of revenue for Russia is energy exports. But Western consumers are suffering the most from Russia's energy embargo. According to a report by the think tank Center for Research on Energy and Clean (CREA) last week, Russia earned about বিল 100 billion from fossil fuel exports in the first 100 days of the aggression in Ukraine. However, this income has come down a bit in May. The European Union accounts for about 61 percent of these imports; Which amounts to about বিল 59 billion. However, Russia's oil and gas exports are declining sharply. Revenue from Moscow's fuel sales has fallen to a record একদিন 1 billion in March. But this amount of revenue is still higher than the cost of the first 100 days of the Ukraine war. The CREA estimates that Russia spends about ৮৭৬ 8 million a day on Ukraine. According to Monday's figures, China's crude oil imports from Iran last month amounted to 260,000 tonnes. This is Iran's third shipment to China since last December. China continues to buy Iranian oil despite US sanctions against Tehran.