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 would 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.
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.
“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.
“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.
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.
You can share this story on social media:
Read the full article here