China's appetite for Russian energy is being hit by diminishing consumption, soaring prices
Since Russia invaded Ukraine, all eyes have been on China - waiting to see whether the world's second-largest economy would provide support to its northern neighbour and "strategic partner", either diplomatic or economic.
Nearly three months on, there has been no trace of direct diplomatic support from the China side, but there also has not been a condemnation of Russian aggression that many Western politicians had hoped for.
On the other hand, the latest trade figures between the two countries seem to suggest that Beijing is defying mounting Western pressure to cut off the economic lifeline to Russia. In April, China's monthly imports from Russia hit a record high of US$8.89 billion, up 56.6 per cent from a year earlier and 13.3 per cent higher than March.
But the true picture might be muddier. Instead of China stepping up purchases of Russian products, soaring commodity prices may provide an alternative explanation, especially as stringent coronavirus lockdowns hit the richest regions in China in the past two months, strangling the economy and suppressing demand, according to experts.
https://finance.yahoo.com/news/chinas-appetite-russian-energy-being-093000994.html
