Chinese buyers are back in the market for Russia’s ESPO crude, thanks to prices that have cooled as shippers and middlemen find workarounds to help blunt the impact of US sanctions.

Chinese state oil companies are shying away from Russian oil this month, with two importers halting purchases while two others scaled back volumes as they assess compliance following recent U.S. sanctions on Moscow,

Chinese state-controlled refiners have reduced purchases of Russian oil loadings for March due to concerns over U.S. sanctions and uncertainty about a potential Russia-Ukraine ceasefire, while independent refiners increase their purchases.

The delivery of a two-million-barrel cargo of Russian oil to China took seven times longer than it would have done prior to a round of US sanctions imposed on Moscow back in January.

China's state-owned oil companies are scaling back purchases of Russian crude due to concerns over U.S. sanctions, Reuters reported on March 14, citing industry sources. Chinese firms have avoided buying oil from suppliers directly hit by sanctions.

Sinopec, China’s largest petroleum and chemical corporation, completely halted all Russian oil purchases in March, while three other companies, Zhenhua Oil, PetroChina and CNOOC, significantly reduced their Russian imports.