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Your Evening Briefing: Russian Oil May Soon Put China and US at Odds

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Oil storage tanks on the outskirts of Ningbo, China 

Oil storage tanks on the outskirts of Ningbo, China 

Photographer: Qilai Shen/Bloomberg

China is seeking to replenish its strategic crude stockpiles with cheap Russian oil, a sign Beijing is strengthening its energy ties with Moscow just as Europe works toward banning imports over the war in Ukraine. At the same time, US Treasury Secretary Janet Yellen said officials have discussed secondary sanctions and other ways to limit Russia’s oil revenues while minimizing the impact on energy prices during a meeting of finance ministers from the Group of Seven countries. President Joe Biden on Thursday offered his “strong support” for bids by Finland and Sweden to join NATO as he met their leaders in Washington. NATO’s secretary general said he was hopeful the applications could soon be accepted despite initial opposition from Turkish President Recep Tayyip Erdogan. Biden also welcomed congressional passage of $40 billion in aid for Ukraine and announced a new package of weapons to be sent “directly to the front lines.” 

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