Steel tycoon Lakshmi Mittal’s energy joint venture in India has said it has stopped buying Russian crude oil, shortly after the FT reported the company had bought almost $280mn of oil that was transported on sanctions-listed vessels.

China’s new 400,000 b/d Yulong refinery has bought about 350,000 b/d of Russian crude for November after UK and EU sanctions cut off Western supply.

Newly imposed U.S. and EU sanctions targeting Russia and its oil giants Rosneft and Lukoil have yet to disrupt physical crude shipments from the country’s western ports, according to LSEG data and market sources.

Last week, the US and Europe imposed a raft of fresh sanctions on Russian oil, with Washington targetting the country's top oil producers Lukoil and Rosneft

The price of a key Russian oil grade has plunged after Western sanctions prompted Chinese refiners to cancel some purchases.

Oil prices fell 2% on Tuesday, marking their third day of declines as investors assessed the effect of U.S. sanctions on Russia's two biggest oil companies along

From rare earths to Russian oil, here’s what Trump hopes to get out of meeting Xi Jinping - IN FOCUS: Experts do not expect US and China to resolve all their issues before the two presidents meet, but they are hoping for enough progress to stop the rivalry from doing more global economic damage.