The European Union's crude oil sanctions on Russia will take effect next month.Sources revealed that China's large oil companies can continue to import oil from the country to Beijing for help.
According to Bloomberg, people familiar with the matter revealed that Chinese state -owned oil refining companies are worried about whether solutions can be found in payment channels, logistics transportation and insurance to continue to buy oil from Russia after December 5.
People familiar with the matter said that in some of the solutions that have been proposed, there are increased Russian oil volume transported through pipelines, set up a designated bank to handle payment matters, contact Moscow, and strengthen maritime transfer to help cope with itThe challenges of direct transportation of buyers and sellers.
In view of the fact that the EU will prohibit financing, insurance and transportation services for Russia's crude oil three weeks, except for the exemption.Asian importers are looking for solutions that do not involve the European Union's banks, insurance companies and shipowners.Chinese refining companies seek help from Beijing, stating that they are also worried that if they do not get aid, they may face how to continue to import crude oil from Russia.
People familiar with the matter added that it is unclear whether these solutions will be launched.The Chinese Ministry of Commerce and the Ministry of Foreign Affairs have not yet responded to Bloomberg's fax for comments.
