Chinese companies seem to be riding close to the wind in stealthily grabbing Russian oil at heavily discounted prices.
The country’s independent oil refineries have continued to make deals with Russian oil suppliers since the start of the war, but have stopped reporting them, reports the Financial Times.
Publicly, the country’s state-owned energy companies have halted new contracts. But purchases by independent refiners suggest China is finding other ways to access cheap oil without attracting public attention.
The move risks pushing the US to introduce secondary sanctions to cut off Kremlin revenue. The US and UK have already banned imports of Russian oil, while the EU is set to introduce a phased ban.
5 things to start your day
1) Klarna purchases will now affect customer credit scores “Buy now, pay later” transactions on the platform will be reported to credit agencies
2) Energy companies accused of artificially increasing direct debits paid by millions of customers Kwasi Kwarteng orders Ofgem to find companies that break the rules
3) TalkTV ratings plummet as viewers tune out of Piers Morgan Rupert Murdoch broadcaster suffers 80% ratings drop for flagship show after Trump interview
4) Cazoo struggles to step up a gear as supply issues hold it back Wheels may come off at online vehicle retailer as stock price tumbles and progress slows
5) Airliners ‘stolen’ by Putin will cost $304 million to rent planes Aircraft leasing companies depreciate the value of planes in Russia as the Kremlin puts jets out of reach of foreign owners
What happened overnight
Asian markets were mixed in thinning holiday trade.
At around 02:30 GMT, the Hang Seng index was down 0.8% and the yen at 130.09.
The Nikkei 225 and the Shanghai Composite were closed for the holidays.
- Business : Boohoo Group (full year); Aston Martin Lagonde (temporary); Direct Line, Flutter Entertainment, JD Wetherspoon, OSB Group (commercial statement)
- Economy: Fed interest rate decision (WE)Compound PMI (US, EU)PMI services (US, EU)retail (EU)mortgage approvals (UK)evolution of ADP employment (WE)