China Ignores Price Cap And Buys Russian Oil At Deep Discounts

It appears to be business as usual for Chinese refiners, who continue to buy Russian crude and are ignoring the price cap imposed by Western countries. Due to tepid demand, however, China’s independent refiners are seeing the steepest discounts in months for Russia’s ESPO crude, traders told Reuters on Wednesday. The price cap on Russian crude imposed by the EU, the G7, and Australia came into effect on Monday, but China hasn’t joined the so-called Price Cap Coalition, which bans maritime transportation services for Russian crude…