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Chinese Imports of Russian Energy Nearly Double Since Invasion of Ukraine

RUSSIA
  • A Bloomberg piece writes that Chinese imports of Russian energy has reached nearly $60bln since the invasion of Ukraine compared to $35bln a year ago despite a broad weakening of Chinese imports in October. Oil imports from Russia rose 16% to 7.72mln tons last month, a volume topped only by Saudi Arabia, according to Chinese customs data, while Russian sales of LNG expanded by more than half from a year ago to 756,000 tons in October.
  • Finland and Poland will push for the assets of Russia and its tycoons that have been frozen by the European Union to be used to help rebuild Ukraine, Bloomberg reported over the weekend. The two will push the European Commission to find a legal way to use the assets to help reconstruct Ukraine, Prime Ministers Marin and Morawiecki told a joint news conference Sunday.
  • Amid continued fraught tensions between Russia and CEE countries, Poland barred the entry of Russian foreign minister Lavrov to the OSCE meeting on December 1st, with Poland saying they weren’t expecting Lavrov’s attendance at all – despite Russia claiming otherwise.
  • PPI and industrial production data are on the docket this week where producer prices had previously shown a 3.8% Y/Y expansion while industrial production slowed -3.1% Y/Y.
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  • A Bloomberg piece writes that Chinese imports of Russian energy has reached nearly $60bln since the invasion of Ukraine compared to $35bln a year ago despite a broad weakening of Chinese imports in October. Oil imports from Russia rose 16% to 7.72mln tons last month, a volume topped only by Saudi Arabia, according to Chinese customs data, while Russian sales of LNG expanded by more than half from a year ago to 756,000 tons in October.
  • Finland and Poland will push for the assets of Russia and its tycoons that have been frozen by the European Union to be used to help rebuild Ukraine, Bloomberg reported over the weekend. The two will push the European Commission to find a legal way to use the assets to help reconstruct Ukraine, Prime Ministers Marin and Morawiecki told a joint news conference Sunday.
  • Amid continued fraught tensions between Russia and CEE countries, Poland barred the entry of Russian foreign minister Lavrov to the OSCE meeting on December 1st, with Poland saying they weren’t expecting Lavrov’s attendance at all – despite Russia claiming otherwise.
  • PPI and industrial production data are on the docket this week where producer prices had previously shown a 3.8% Y/Y expansion while industrial production slowed -3.1% Y/Y.