EU Sanctions Target Major Chinese Refineries for Russian Oil Ties

The European Union has sanctioned two Chinese refineries and a trading arm of PetroChina for their involvement in purchasing Russian crude oil, which serves as a substantial revenue source for Moscow. This measure aligns with EU and G7 efforts to mitigate Russia's financial means supporting its actions in Ukraine.

The European Union has taken a decisive step by sanctioning two Chinese refineries and a trading arm linked to PetroChina, as part of measures to curtail Russian revenue streams amidst the ongoing conflict in Ukraine. These refineries, with a combined capacity of 600,000 barrels per day, are significant players in China's oil landscape.

The listing in the EU's Official Journal represents a substantial economic move, aimed at obstructing Russia's ability to finance its war efforts through vital oil and gas income. The targeted refineries, Liaoyang Petrochemical and Shandong Yulong Petrochemical, are critical buyers of Russian crude oil, providing a 'substantial source of revenue' to Moscow.

In concert with Group of Seven nations, the EU also named China's Tianjin Xishanfusheng International Trading Co, citing its role in helping Russia sidestep previously imposed sanctions. Accusations also include exporting goods from the EU to prohibited entities in Russia. This marks a significant stride in international collaborative efforts to pile pressure on Russia.

(With inputs from agencies.)