Politics
China state oil majors ‘suspend’ Russian oil buys due to sanctions

- US sanctions hit Moscow’s two largest oil companies.
- India poised to sharply cut Russian oil imports.
- Russia faces demand drop from two biggest customers.
SINGAPORE: Chinese state oil majors have suspended purchases of seaborne Russian oil after the United States imposed sanctions on Rosneft and Lukoil, Moscow’s two biggest oil companies, multiple trade sources said on Thursday.
The move comes as refiners in India, the largest buyer of seaborne Russian oil, are set to sharply cut their crude imports from Moscow to comply with the US sanctions imposed over the Kremlin’s invasion of Ukraine.
A sharp drop in oil demand from Russia’s two largest customers will put a strain on Moscow’s oil revenues and force the world’s top importers to seek alternative supplies and push up global prices.
Chinese national oil companies PetroChina, Sinopec, CNOOC and Zhenhua Oil will refrain from dealing in seaborne Russian oil at least in the short-term due to concern over sanctions, the sources said.
The four companies did not immediately respond to requests for comment.
While China imports roughly 1.4 million barrels of Russian oil per day by sea, most of that is bought by independent refiners, including small operators known as teapots, although estimates of purchases by state refiners vary widely.
Vortexa Analytics pegged Russian oil purchases by Chinese state firms at under 250,000 bpd for the first nine months of 2025, while consultancy Energy Aspects put it at 500,000 bpd.
Unipec, the trading arm of Sinopec, stopped Russian oil buying last week after Britain designated Rosneft and Lukoil, as well as shadow fleet ships and Chinese entities, including a major Chinese refiner, two trade sources said.
Rosneft and Lukoil sell most of their oil to China through intermediaries instead of directly dealing with buyers, traders said.
Independent refiners, meanwhile, are likely to pause buying to assess the impact of sanctions but would still look to continue Russian oil purchases, several traders said.
Prior to Wednesday’s sanctions announcement, offers for November-loading ESPO crude slid to a premium of $1 per barrel to ICE Brent, versus previous trades done in early October at a $1.70 premium.
China also imports approximately 900,000 bpd of Russian oil by pipeline, all of it going to PetroChina, which several traders said was likely to be little affected by sanctions.
India and China are expected to turn to other supplies, pushing up prices for non-sanctioned oil from the Middle East, Africa and Latin America, traders said.
Politics
US tells UN it will deprive Venezuela’s Maduro, drug cartel of resources

- US tells UN it will cut Maduro, drug cartel off from resources.
- Russia warns US actions could set precedent for Latin America.
- China urges US to “avoid further escalation of tensions”.
The United States told the United Nations on Tuesday it will impose and enforce sanctions “to the maximum extent” to deprive Venezuelan President Nicolas Maduro of resources as Russia warned other Latin American countries could be next.
US President Donald Trump’s administration has for months waged a campaign of deadly strikes against suspected drug trafficking boats off the Venezuelan coast and the Pacific coast of Latin America. He has threatened strikes on Venezuelan land.
“The single most serious threat to this hemisphere, our very own neighbourhood and the United States, is from transnational terrorist and criminal groups,” US Ambassador to the UN Mike Waltz told the UN Security Council.
The US has ramped up its military presence in the region and Trump announced a blockade of all vessels subject to US sanctions.
So far this month, the US Coast Guard has intercepted two tankers in the Caribbean Sea, both fully loaded with Venezuelan crude. The Coast Guard is also pursuing a third empty vessel that was approaching the OPEC country’s shore.
“The reality of the situation is that sanctioned oil tankers operate as the primary economic lifeline for Maduro and his illegitimate regime. The sanctioned tankers also fund the narco-terrorist group Cartel de Los Soles,” Waltz said.
Washington designated Cartel de los Soles, or Cartel of the Suns, as a foreign terrorist organisation late last month for the group’s alleged role in importing illegal drugs into the US. It accuses Maduro of leading Cartel de los Soles. Venezuela’s government rejected what it called a “ridiculous” move to designate the “non-existent” group.
“This intervention which is unfolding can become a template for future acts of force against Latin American states,” Russia’s UN Ambassador Vassily Nebenzia told the Security Council, citing a recent strategy document from Trump that said the US will reassert its dominance in the Western Hemisphere.
Waltz spoke after Nebenzia and did not directly respond to his remark.
China urged the United States to “immediately halt relevant actions and avoid further escalation of tensions,” China’s Deputy UN Ambassador Sun Lei told the council.
Venezuela, backed by Russia and China, requested Tuesday’s meeting, the second held on the escalating tensions.
The Security Council first met in October, when the United States justified its actions as consistent with Article 51 of the founding UN Charter, which requires the Security Council to be immediately informed of any action states take in self-defence against armed attack.
“Let it be clear once and for all that there is no war in the Caribbean, there is no international armed conflict, nor is there a non-international one, which is why it is absurd for the US government to seek to justify its actions by applying the rules of war,” Venezuela’s UN Ambassador Samuel Moncada told the council.
“The threat is not Venezuela. The threat is the US government,” he said.
Politics
Turkiye authorities find crash site of jet carrying Libyan army chief: minister

- Turkish gendarmerie locates wreckage south of Kesikkavak village.
- Jet loses contact after emergency landing request near Ankara.
- Five people onboard including senior Libyan military officials.
Turkiye’s interior minister said on Tuesday that authorities had located the wreckage of a plane carrying Libya’s chief of staff, Mohammed Ali Ahmed Al-Haddad, after it went missing shortly after departing Ankara.
Interior Minister Ali Yerlikaya said on X that Turkish gendarmerie teams had located the wreckage of a business jet that departed Ankara’s Esenboga airport for Tripoli.
The aircraft was found around two kilometres south of Kesikkavak village in the Haymana district, about 74 kilometres (45 miles) from Ankara, he added.
The prime minister of Libya’s internationally recognised government said that the Libyan army’s chief of staff, Al-Haddad, died in a plane crash, adding that four others were on the jet as well.
“This followed a tragic and painful incident while they were returning from an official trip from the Turkish city of Ankara. This grave loss is a great loss for the nation, for the military institution, and for all the people,” Libyan Prime Minister Abdulhamid Dbeibah said in a statement.
He said the commander of Libya’s ground forces, the director of its military manufacturing authority, an adviser to the chief of staff, and a photographer from the chief of staff’s office were also on the aircraft.
Earlier, Yerlikaya said that radio contact was lost with a jet carrying Libya’s army chief of staff, Mohammed Ali Ahmed Al-Haddad, shortly after takeoff from the Turkiye capital.
Yerlikaya wrote on X that the jet had taken off at 1710 GMT and radio contact was lost at 1752 GMT.
He said the flight had made a request for an emergency landing while over the Haymana district of Ankara, but that no contact was established after.
Four others were on the jet, he added, while flight tracking data showed other flights being diverted away from Ankara’s Esenboga Airport.
Turkiye’s defence ministry had announced the Libyan chief of staff’s visit earlier, saying he had met with Turkiye Defence Minister Yasar Guler and Turkiye counterpart Selcuk Bayraktaroglu, along with other Turkiye military commanders.
Politics
Cristiano Ronaldo ‘buys two luxury villas’ in Saudi Arabia

Cristiano Ronaldo, football’s first billionaire, and his fiancée Georgina Rodriguez have reportedly purchased luxury villas in Saudi Arabia’s Red Sea project, according to British media.
According to the Daily Mail, the properties are located at Nujuma, a Ritz-Carlton Reserve developed by Red Sea Global, around 26 kilometres off Saudi Arabia’s mainland, and are accessible only by chartered boat or seaplane. Ronaldo and Rodriguez are among the first buyers of the ultra-luxury villas.

Each villa at the Ritz-Carlton Reserve Residences is priced from SAR15.5 million (approximately £3.1 million). The development features just 19 ultra-private residences, offering bespoke services amid pristine natural surroundings.

Speaking to Daily Mail, the Portuguese footballer said: “From the moment we first visited, Georgina and I felt a connection with the island and its natural beauty – it’s a place where we feel at peace.”
“Now we have a home here, we can enjoy quality time with family in complete privacy and serenity any time we like,” he added.

Earlier, a Bloomberg report revealed that Ronaldo earned over $550 million in salary between 2002 and 2023, in addition to a decade-long Nike endorsement deal worth nearly $18 million annually. His brand partnerships with Armani, Castrol, and other global companies have added more than $175 million to his fortune.
Ronaldo’s move to Saudi club Al-Nassr in 2023 made him the highest-paid footballer in history, with an annual salary of £177 million ($237.5 million), alongside bonuses and a reported 15% ownership stake in the club.
For comparison, Argentina and Inter Miami star Lionel Messi has earned more than $600 million in pre-tax salary during his career, according to financial estimates.
Ronaldo’s billionaire status places him among an elite group of athletes, including Michael Jordan, Magic Johnson, LeBron James, Tiger Woods, and Roger Federer.
Despite his financial success, Ronaldo has indicated that he is not considering retirement anytime soon.
— With additional information from Reuters.
-
Business1 week agoStudying Abroad Is Costly, But Not Impossible: Experts On Smarter Financial Planning
-
Fashion6 days agoIndonesia’s thrift surge fuels waste and textile industry woes
-
Business1 week agoKSE-100 index gains 876 points amid cut in policy rate | The Express Tribune
-
Sports1 week agoJets defensive lineman rips NFL officials after ejection vs Jaguars
-
Tech6 days agoT-Mobile Business Internet and Phone Deals
-
Business6 days agoBP names new boss as current CEO leaves after less than two years
-
Entertainment1 week agoPrince Harry, Meghan Markle’s 2025 Christmas card: A shift in strategy
-
Sports6 days agoPKF summons meeting after Pakistani player represents India in kabaddi tournament
