China turns to Gulf oil while Russia's refinery crisis boosts electric car sales

Severe damage to Russian oil refineries from Ukrainian attacks has left large parts of the country without fuel, prompting the Kremlin to seek imports abroad. In response, China has placed one‑off orders for at least 26 million barrels of crude from Gulf suppliers—Saudi Arabia, Qatar, the United Arab Emirates and Iraq—with delivery slated for July‑August, taking advantage of steep discounts offered by the Saudi market.

The shortage has caused retail gasoline prices in Russia to rise more than 12% year‑on‑year, leading motorists to queue at pumps and many to switch to electric vehicles. Sales of plug‑in hybrids surged 125% and full‑electric cars rose 19% in the first five months of 2026, with about 24,600 hybrids and 4,460 EVs sold. The number of charging stations grew 20%, and dealerships in Moscow now sell two to three EVs per day, signalling a rapid market shift away from internal‑combustion cars.