The Chinese authorities justify the import of Russian oil amid tariffs imposed on India by the United States for purchasing energy from Russia. This is reported by UNN with reference to Bloomberg.
Details
The foreign ministry of the Celestial Empire stated that China "has the right to normal economic, trade, and energy cooperation with all countries in the world, including Russia." They added that Beijing will continue to "take reasonable energy security measures in accordance with our national interests."
Additionally
Donald Trump said earlier this week that he could punish China with additional tariffs for buying Russian oil. He said that "it could happen."
Although Trump warned about China's purchases of Russian oil, his chief adviser Peter Navarro downplayed the likelihood of new tariffs on Chinese exports. He stated that raising tariffs "could harm the US."
It is also reported that in July, China's imports from Russia rose to just over $10 billion - the highest level since March. However, overall for the year, imports from Russia are still down 7.7% compared to the same period in 2024, Bloomberg reports.
Recall
Oil prices rose by 1% after a reduction in US inventories and an increase in exports. Macroeconomic uncertainty due to American tariffs on Indian goods limits growth.