Treasury Secretary Scott Bessent notes Beijing views energy policy as a sovereign right.
Despite potential US sanctions, China intends to continue purchasing Russian oil, according to US Treasury Secretary Scott Bessent.
Following US-China trade discussions in Stockholm on Tuesday, Bessent reported that Beijing emphasized its intention to protect its energy sovereignty, should Washington enact new extensive sanctions.
President Trump recently shortened the expected timeframe for a Ukraine peace agreement, warning of significant sanctions, including substantial tariffs on purchasers of Russian exports, if no agreement is reached soon.
Russian authorities have denounced Trump’s warning, asserting it undermines efforts towards peace in Ukraine.
Bessent stated that proposed legislation before Congress, which would authorize President Trump to impose tariffs up to 500% on buyers of sanctioned Russian oil, could lead US allies to implement similar measures to stifle Moscow’s energy revenues.
“I think anyone who buys sanctioned Russian oil should be ready for this,” Bessent cautioned.
Chinese officials, however, communicated during the talks that Beijing considers energy a matter of national sovereignty and will continue to procure Russian oil based on its own policy considerations.
“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 remarked.
China is currently the largest importer of Russian oil, purchasing over 2 million barrels daily—almost 20% of its total crude imports—followed by India and Turkey.
Western sanctions implemented three years ago altered global energy dynamics, leading Moscow to shift its focus eastward.
Since 2022, both China and India have significantly increased their purchases of Russian oil. In May, India became the second-largest buyer of Russian fossil fuels, with imports valued at approximately $4.9 billion, about 72% of which comprised crude oil, according to the Centre for Research on Energy and Clean Air.
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