Asia’s Top Refiner Sinopec Restarts Russian ESPO Oil Purchases

Asia’s leading refiner, Sinopec, has cautiously resumed buying Russian oil after a short pause last month, Reuters reports on April 23.

The decision follows a risk assessment in light of US sanctions imposed on several Russian entities earlier this year.

According to Reuters, Unipec, the trading arm of Sinopec, has recently acquired May-loading cargoes of ESPO Blend  crude from Russia’s Far East. The company had previously refrained from purchasing March and April-loading shipments amid tightening restrictions.

While the reasons for resuming purchases remain unclear, Reuters sources noted that the volume of oil bought is significantly lower compared to levels prior to the sanctions announced in January.

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Why Only a Full Oil Embargo Can Cripple Russia’s War Economy

Apr 03, 2025 13:44

The sanctions, issued by the former US President Biden’s administration on January 10, targeted Russian oil producers Gazprom Neft and Surgutneftegaz, as well as insurers and a broad network of vessels, in an effort to reduce Russia’s energy revenue.

As a result, Russian oil shipments to China and India had declined, with key Chinese state oil firms including Sinopec and Zhenhua Oil suspending their purchases temporarily.

Sinopec has not responded to a request for comment, Reuters reported.

Previously, it was reported that Russian seaborne exports of thermal coal to China dropped by 49% year-on-year during the first 20 days of March.