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SINGAPORE - China's crude oil imports from Russia have jumped 55% from a year earlier to a record high since May 2022.

Russia has succeeded in shifting Saudi Arabia as the main supplier. One reason is that Russian oil refining companies are offering massive discounts amid sanctions against Moscow over its invasion of Ukraine.

China Continues to Strengthen Oil Reserves by Buying from Russia According to data from China's General Administration of Customs, Russia's oil imports of…