China is spending a record amount on Russian energy as it continues to expand its reliance on the Kremlin in the wake of the war in Ukraine.
Beijing last month made a record $8.3 billion (£7.3 billion) on a haul with a record amount of coal. In the six months since the start of the war, China has spent $44 billion.
The numbers highlight the changing relationship between Russia and the rest of the world, with Putin looking for alternative partners while the West eschews its exports.
Although energy prices have risen since the invasion, China still buys higher volumes, sometimes at a discounted price.
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What happened overnight?
Asian markets enjoyed a much-needed rebound on Tuesday, following the late Wall Street rally. Hong Kong led the way with an increase of more than 1 pc, with Sydney not far behind. Tokyo returned from a long weekend and posted healthy gains, while Seoul, Singapore, Taipei, Manila, Wellington and Jakarta were also higher.
- Economy: Interest rate decision (China), housing (US), building permits (US)
- For Business: City of London Investment Trust, Frasers (annual results); Haleon, Kingfisher (interim); Moonpig, TUI (Trading Update)