Sharp disputes continue in the world energy market — while the US and European countries have begun to impose increasingly tough sanctions and tariffs in order to limit Russia's oil revenues, the Chinese government has announced that it will not refuse to purchase Russian oil. This was stated by US Treasury Secretary Scott Bessent following two days of trade negotiations with China in Stockholm, reuters.com reported.
The Chinese delegation clearly informed the American side that they would firmly defend their "energy sovereignty" and that their oil procurement policy would be determined by the country's internal interests. In his speech, Bessent warned his Chinese colleagues about the possible consequences of continuing to buy Russian oil — including the introduction by the US of tariffs of up to 500 percent and the implementation of retaliatory measures.
At the same time, US officials expressed dissatisfaction that China continues to buy sanctioned Iranian oil and, despite the sanctions against Russia, continues to sell Moscow various goods worth over $15 billion.
The new law passed by the US Congress gives President Trump the authority to impose tariffs of up to 500 percent on countries purchasing Russian oil. According to Bessent, these measures will force not only the US but also its allies to restrict Russia's energy revenues.
As Reuters notes, China is currently the largest buyer of Russian oil, importing about 2 million barrels per day. India and Turkey follow.
Additionally, US President Donald Trump announced the introduction of new 25 percent tariffs and high duties on goods from India. These measures will take effect on August 1, 2025. In his statement on the social network Truth Social, the White House leader criticized India for purchasing military equipment and energy resources from Russia, calling it an obstacle to ending the war in Ukraine.
Today, as political and economic pressure in the global market intensifies, oil trade between China, India, and Russia may have a serious impact on the economy of the entire region and the geopolitical landscape. In the coming weeks, the main question for international analysts and investors will be how these disagreements are resolved and which countries are susceptible to political pressure.
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