The Chinese refinery will not accept Russian oil, which has caused concern in Moscow.

China's further refusal of Russian oil could become a real crisis for Russia, since its budget is heavily dependent on oil revenues.

Landbridge Petrochemical, a private refiner based in China, suddenly abandoned Russian oil and bought 2 million barrels of West African Mostarda crude for delivery in January. That caught the market's attention because small independent refiners known as “dummies” typically bought cheaper oil from Russia and Iran, which were hit by U.S. sanctions, Bloomberg reported.

Demand for Iranian oil is growing despite possible new sanctions or infrastructure threats from Israel. Russia could find itself in a difficult position if oil prices fall sharply, especially amid global economic uncertainty and the risk of sanctions.

There is growing anticipation in the oil market for the return of Donald Trump to the presidency of the United States, which could seriously affect the Russian economy. If restrictions on oil production in the United States are lifted, prices could plummet to $40 per barrel, which would be catastrophic for Russia, which depends on oil revenues.