US Sanctions Against Russian Oil Trigger Concerns in China (1)

US sanctions on Russia’s energy giants are sending shockwaves deep into the heart of China’s oil industry, where both state and private refiners face heightened pressure to keep up supplies while steering clear of penalties.

As much as 20% of China’s crude imports — about 2 million barrels a day in the first nine months of this year — come from Russia, making it one of the country’s leading sources of oil for processing into products such as diesel, gasoline and plastics.

The Trump administration’s blacklisting of Rosneft PJSC and Lukoil PJSC is the latest in a series of measures ...