Major Chinese oil companies may be interested in buying oil from Russia, which would allow both China and Russia to benefit from the March 12 US decision to temporarily lift sanctions on Russian oil blocked at sea.
This was commented on by the Institute for the Study of War (ISW).
Five trade sources told Reuters on March 1 that major Chinese oil companies Sinopec and PetroChina had made inquiries to suppliers about possible purchases of Russian oil to alleviate supply shortages caused by the war in the Middle East.
The sources told Reuters that the purchases would be the companies' first of Russian oil since November 2025, and two sources indicated that purchases "are likely imminent".
A source involved in Russian oil trading and familiar with PetroChina's trading operations told Reuters that the companies could try to buy oil from brokers or traders who already have stocks of Russian-origin oil.
Brent crude futures are currently trading at $109.68 a barrel, and such high prices, if sustained, could reverse more than a year of declining Russian oil revenues, ISW noted.
ISW continues to assess that the U.S. decision to temporarily lift sanctions on Russia will benefit Russia's military economy, allowing Russia to continue financing its war in Ukraine in the short term.
A temporary easing of sanctions could allow China to buy goods from Russia at lower prices prices.
Russian forces continue their campaign of battlefield air interdiction (BAI) against Ukrainian military and civilian targets in the immediate rear and are testing alternatives to Starlink for drone control.
Ukraine's European allies continue to provide assistance to the country, including support for Ukraine's defense industrial base.
Ukrainian President Volodymyr Zelensky announced that Ukraine has sent 201 military experts to assist Middle Eastern countries in their defense against Iranian "Shahed" drone strikes, and that Ukraine's defense industrial base is ready to support air defense efforts in the region.
Russian forces recently advanced near Slavyansk and Pokrovsk.
Russian forces have launched 147 drones against Ukraine, including in the Chernihiv, Mykolaiv and Odessa.