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| China will resist American sanctions on buying Russian oil – US Treasury Secretary | China will resist American sanctions on buying Russian oil – US Treasury Secretary |
| (about 4 hours later) | |
| Beijing sees energy policy as a sovereign matter, Scott Bessent has said | Beijing sees energy policy as a sovereign matter, Scott Bessent has said |
| China remains committed to buying Russian oil despite the threat of US tariffs, Washington’s Treasury Secretary Scott Bessent has said. | China remains committed to buying Russian oil despite the threat of US tariffs, Washington’s Treasury Secretary Scott Bessent has said. |
| Speaking after two days of US-China trade talks in Stockholm on Tuesday, Bessent acknowledged that Beijing has stressed that it will defend its energy sovereignty, should lawmakers in Washington ratify new wide-reaching sanctions. | |
| On Monday, US President Donald Trump cut his 50-day deadline for a Ukraine peace deal to just 10–12 days, warning of sweeping sanctions if no agreement is reached, including 100% secondary tariffs on buyers of Russian exports. | On Monday, US President Donald Trump cut his 50-day deadline for a Ukraine peace deal to just 10–12 days, warning of sweeping sanctions if no agreement is reached, including 100% secondary tariffs on buyers of Russian exports. |
| Russian officials have criticized Trump’s threat, claiming that it undermines efforts to achieve peace in Ukraine. | Russian officials have criticized Trump’s threat, claiming that it undermines efforts to achieve peace in Ukraine. |
| Bessent said proposed legislation currently before Congress that would authorize President Trump to impose tariffs of up to 500% on buyers of sanctioned Russian oil could prompt US allies to adopt similar measures aimed at choking off Moscow’s energy revenues. | Bessent said proposed legislation currently before Congress that would authorize President Trump to impose tariffs of up to 500% on buyers of sanctioned Russian oil could prompt US allies to adopt similar measures aimed at choking off Moscow’s energy revenues. |
| “I think anyone who buys sanctioned Russian oil should be ready for this,” Bessent told reporters. | “I think anyone who buys sanctioned Russian oil should be ready for this,” Bessent told reporters. |
| Chinese officials, however, made it clear during talks that Beijing considers energy a matter of national sovereignty and will continue buying Russian oil based on internal policy priorities. | Chinese officials, however, made it clear during talks that Beijing considers energy a matter of national sovereignty and will continue buying Russian oil based on internal policy priorities. |
| “The Chinese take their sovereignty very seriously. We don’t want to impede on their sovereignty, so they’d like to pay a 100% tariff,” Bessent said. | “The Chinese take their sovereignty very seriously. We don’t want to impede on their sovereignty, so they’d like to pay a 100% tariff,” Bessent said. |
| China remains the largest buyer of Russian oil, importing over 2 million barrels per day—nearly 20% of its total crude imports—followed by India and Turkey. | China remains the largest buyer of Russian oil, importing over 2 million barrels per day—nearly 20% of its total crude imports—followed by India and Turkey. |
| Western sanctions imposed three years ago reshaped global energy flows and prompted Moscow to pivot eastward. | Western sanctions imposed three years ago reshaped global energy flows and prompted Moscow to pivot eastward. |
| Since 2022, both China and India have sharply increased their Russian oil purchases. In May, India became the second-largest buyer of Russian fossil fuels, with imports estimated at $4.9 billion, about 72% of which was crude, according to the Centre for Research on Energy and Clean Air. | Since 2022, both China and India have sharply increased their Russian oil purchases. In May, India became the second-largest buyer of Russian fossil fuels, with imports estimated at $4.9 billion, about 72% of which was crude, according to the Centre for Research on Energy and Clean Air. |