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Russian President Vladimir Putin's visit to Beijing this week highlights the strength of Russian-Chinese relations, based around a shared suspicion of the West, as well as booming Chinese imports of Russian oil and gas. Although their friendship appears unbreakable, tensions are bubbling below the surface that could impact the alliance in the coming months. ...
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The oil market is awash with discounted, sanctioned crudes, which at around 4.7 million barrels per day now constitute about 5% of the global oil trade. These flows from Russia, Iran and Venezuela have reached their highest level since Russia's invasion of Ukraine in February 2022. Most of this oil lands in China and India — the two biggest engines of ...