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The Economic Times News

World / The Economic Times

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Sanctions shake up $20B Chinese refinery, western partners pull out

Western sanctions targeting Shandong Yulong Petrochemical for dealing in Russian oil have led to its isolation from global suppliers, customers, and financial institutions. This has forced the Chinese refiner to significantly increase its reliance on Russian crude, becoming Moscow's top Chinese buyer. The move highlights the bifurcation of the global oil trade.

26 Nov 2025 4:52 pm