China voice opposition to G7’s price cap on Russian oil
China voice opposition to G7’s price cap on Russian oil

China voice opposition to G7’s price cap on Russian oil

 

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China voiced its opposition to a price cap on Russian oil on Monday, after G7 finance ministers agreed last week to impose such a cap to slash revenues for Moscow’s war in Ukraine.

“Oil is one of the global commodities and it is crucial to ensure the security of global energy supply,” Mao Ning, Foreign Ministry spokeswoman, said at a regular press briefing. “We hope that relevant countries will make constructive efforts to ease the situation through dialogue and consultation, not do the opposite,” she added.

Russia was China’s top oil supplier for the three months to July, as its independent refiners stepped up purchases of discounted supplies while cutting shipments from rival suppliers such as Angola and Brazil.  Imports from Russia in the first seven months of the year reached 48.45 million tonnes, up 4.4% on the year.