China saved $3 billion on Russian oil imports from April to July 2022 by providing a large discount from Moscow in the amount of $108 per ton, Reuters wrote .
According to the publication, based on the customs data of the two countries, from April to July, China paid about $708 per ton of Russian oil, while the cost of one ton from other importers was $816 for the specified period.
Reuters writes that Russia has become the largest supplier of oil to China from May to July 2022. The country’s share of Chinese oil imports rose to 19% from 15% in 2021. This percentage could increase to more than 20% by the end of 2022, the Dutch bank ING noted in August.
Last week , it was reported that the Chinese Foreign Ministry opposed the introduction by the G7 countries (Great Britain, Germany, Italy, Canada, France, Japan and the USA) of a ceiling on prices for Russian oil.
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At the end of June, it was reported that Beijing increased its crude oil supplies from Russia to a record high of 1.98 million barrels per day. Moscow came out on top among all exporters of raw materials to China and sold oil to the Chinese at huge discounts against the backdrop of Western sanctions, up to 20-30% of the cost.
