FirstFT: Refiners in China are still buying Russian oil
Independent Chinese refiners are quietly buying Russian oil at heavily discounted prices as Western countries suspend their own purchases and consider possible embargoes due to the war in Ukraine.
A Shandong-based independent refinery official said he had not publicly announced deals with Russian oil suppliers since the start of the war in Ukraine to avoid attracting attention and publicity. to be hit by US sanctions. The official added that the refinery had taken over part of the quota for buying Russian crude from state-owned commodity trading companies, which are seen as representing Beijing and have mostly refused to sign new supply contracts.
Many Western companies are self-sanctioning or struggling to secure the insurance, shipping or financing needed to purchase Russia’s commodity exports, suggesting that energy-hungry China, will step in and buy the unsold barrels.
Buying from China’s independent refineries reveals how some importers are bypassing traditional routes to access cheap Russian oil, helping Beijing maintain a low profile as the west bombards Moscow with sanctions.
Do you have any comments on today’s newsletter? Share them with me on [email protected]. Thanks for reading FirstFT Asia — Emily
Five other stories in the news
1. Biden asks US Supreme Court to uphold Roe vs Wade After a draft opinion that would reverse Roe against Wade was leaked, US President Joe Biden has urged judges to uphold the landmark abortion rights ruling. The Supreme Court upheld the authenticity of the draft, but said it did not represent its “final position.” The chief justice of the court condemned the leak as “treason”.
Do you think people should have the right to an abortion? Tell us what you think in our survey.
2. ‘Ma’ Detention Report Triggers Alibaba Sale Alibaba shares fell 9.4% yesterday following a report by Chinese state media that an individual nicknamed “Ma” had been arrested. Shares ended the day down nearly 2% after state broadcaster CCTV said the individual was not Alibaba founder Jack Ma.
3. Hong Kong relaxes Covid rules Hong Kong yesterday announced an unexpected easing of coronavirus social distancing restrictions as the Asian financial hub released data showing its first economic contraction since the start of the pandemic.
4. Tiger Global drops over 40% in early 2022 Tiger Global’s flagship hedge fund took another hit in April and is now down more than 40% this year, the latest sign of how star investors who participated in the big rally in tech stocks have been caught out. counterbalanced by a brutal recoil.
5. Australia begins a rate hike cycle Government bond markets were volatile on Tuesday after Australia kicked off a busy week for central banks with a bigger-than-expected rate hike and traders debated the economic implications of rising debt costs. US Federal Reserve loan.
The day ahead
IPO of Life Insurance Corporation of India The IPO opens today to the general public. The Indian government last week more than halved the amount it is seeking to raise from the state-owned company’s IPO to less than $3 billion after testing investor appetite in markets agitated.
U.S. Interest Rate Ruling The Federal Reserve will wrap up its two-day policy meeting that is expected to see its first half-percentage-point hike in interest rates since 2000 and signal more aggressive action to rein in inflation, which has been high for decades.
Opinion: Gone are the days when US monetary policy could rely on the “Goldilocks” scenario, writes Edward Luce. The Fed officially lost the plot.
What else we read
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Would a Sinn Féin victory open the door to a united Ireland? Almost a quarter of a century after the 1998 Good Friday Agreement ended the Troubles – three decades of violence in Northern Ireland in which more than 3,500 people have died – polls predict that Sinn Féin, l political wing of the paramilitary IRA, after Thursday’s election will become Northern Ireland’s biggest party for the first time.
War in Ukraine casts shadow over Transnistria As kyiv and Moscow trade accusations over responsibility for the recent explosions in Transnistria, fears are growing that the Russian-backed separatist republic could be drawn into the war in neighboring Ukraine.
The Horn of Africa ravaged by drought From northern Kenya to Somalia and swaths of Ethiopia, up to 20 million people could go hungry this year as late rains exacerbate what was already the worst drought in four decades. One more dry season could turn what is already a disaster into the worst drought in a century, residents say.
How do you buy your first property? On the Money Clinic podcast, FT’s Claer Barrett meets a couple who are halfway through their home buying journey. They have a lot of questions: Did they get the right kind of mortgage? And what other financial issues should they consider before signing on the dotted line? Listen here to find out.
Monday marked the return of America’s biggest and glitziest night in fashion: the Met Gala. The official red carpet theme was “Gilded Glamour,” a reference to America’s Golden Age of the late 19th century. The stars went in over-the-top homages to Gilded Age fashion – with some clever modern tweaks. Take a look at the best red carpet looks here.