China purchases the oil that is usually transferred to Europe

According to Bloomberg, citing traders, Beijing organizes the purchase of crude oil, which is then transported to Europe. Bloomberg reports that 5 million barrels have already been acquired. Most purchases were effectuated in Kazakhstan.

As per Bloomberg, this oil is important for Europe, which reduced the purchases of Russian raw materials in 2022. On December 5, a ban on the purchase of RF oil came into force, as well as a price cap for the supply of raw materials. It is $60 per barrel. As we can see, Europe needs to find new suppliers, especially considering the growing oil demand.

The price cap for RF raw materials was defined by Australia, the EU, and G7. In response, President Vladimir Putin imposed a ban on the supply of oil and products of its processing if there is a price cap in a contract. Exceptions can only be made in case in case of special permission of the President. Also, on February 5, the EU ban on the purchase of Russian oil products will enter into force.