China is spending record sums on Russian energy as it continues to increase its dependence on the Kremlin in the wake of the war in Ukraine.
Beijing paid a record $8.3bn (£7.3bn) last month for a transport including a record amount of coal. In the six months since the start of the war, China has spent $44 billion.
The figures highlight the changing relationship between Russia and the rest of the world, with Putin seeking alternative partners as the West eschews its exports.
While energy prices have jumped since the invasion, China continues to buy larger volumes, sometimes at reduced prices.
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What happened overnight
Asian markets enjoyed a much-needed rebound on Tuesday, following Wall Street’s late rally. Hong Kong led the way, rising more than 1%, with Sydney not far behind. Tokyo came back from a long weekend to post healthy gains, while Seoul, Singapore, Taipei, Manila, Wellington and Jakarta were also higher.
- Economy: Interest Rate Ruling (China), Housing Starts (US), Building Permits (US)
- Company : City of London Investment Trust, Frasers (annual results); Haleon, Kingfisher (acting); Moonpig, TUI (Commercial Update)