Russia becomes China’s top oil supplier amid Ukraine war sanctions

China’s crude oil imports from Russia soared by 55% from a year earlier to a record level in May, displacing Saudi Arabia as the top supplier, as refiners cashed in on discounted supplies amid sanctions on Moscow over its invasion of Ukraine. Imports of Russian oil, including supplies pumped via the east Siberia Pacific pipeline and seaborne shipments, totalled nearly 8.42m tonnes, according to data on Monday from the Chinese general administration of customs. The shipments are equivalent to almost 2m barrels per day (bpd) and up a quarter from…

UK bond yields soar as investors anticipate interest rate rise; China’s growth slows – business live

Some economists fear that raising interest rates at this point would be a blunder. It would tighten monetary policy at a time when households and businesses are already being squeezed by higher energy costs, and as government Covid-19 support measures, such as the universal credit uplift, are withdrawn, hurting vulnerable families. A rate hike might calm inflation expectations; policymakers worry that workers will seek higher wages to match rising prices in the shops (although not every employee has as much leverage as, say, a qualified HGV lorry driver). But it…