China is spending record amount of money on Russian energy as it continues to expand its reliance on the Kremlin in the wake of the Ukraine war.
Beijing forked out a record $8.3bn (£7.3bn) last month on a haul that included a record amount of coal. In the six months since the start of the war, China has spent $44bn.
The figures highlight the changing relationship between Russia and the rest of the world, with Putin looking for alternative partners as the West shuns his exports.
While energy prices have surged since the invasion, China is still buying higher volumes, sometimes as a discounted price.
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What happened overnight
Asian markets enjoyed a much-needed bounce on Tuesday, tracking Wall Street’s late rally. Hong Kong led the way, rising more than 1pc, with Sydney not far behind. Tokyo returned from a long weekend to post healthy gains, while Seoul, Singapore, Taipei, Manila, Wellington and Jakarta were also higher.
Coming up today
- Economics: Interest rate decision (China), housing starts (US), building permits (US)
- Corporate: City of London Investment Trust, Frasers (full-year results); Haleon, Kingfisher (interims); Moonpig, TUI (trading update)