China has rejected US demands for oil. China, like India earlier, refused to comply with the US call to stop buying oil from Russia. This was announced by the Chinese Foreign Ministry. Beijing stressed that it would ensure the country's energy security in accordance with its interests and would not succumb to external pressure from the United States: «Coercion will not work.» The United States is preparing sanctions against countries that continue to buy Russian oil, said Matthew Whitaker, Permanent Representative to NATO. China, India and Brazil may be subject to restrictions. In addition, Donald Trump promised to tighten sanctions against Russia if the upcoming visit of the special representative to Moscow does not bring results. Gasoline prices in Russia continue to rise. The price of AI-95 on the stock exchange reached a record 77 thousand rubles per ton, and AI-92 exceeded the mark of 66.5 thousand rubles. Rising prices at this time of the year is a traditional phenomenon, especially against the background of rising prices of petroleum products at stock exchanges, which leads to higher prices at gas stations. Business activity in the Russian service sector continues to decline. The PMI index fell to 48.6 points in July from 49.2 in June, showing the maximum decline since last summer. The drop is explained by a reduction in the number of orders and weakening customer demand. The trade war with the United States complicates China's fight against deflation. Although exports in the first half of 2025 increased by 5.9% (to $1.81 trillion), shipments to the United States decreased by 10.9%. China is switching to ASEAN markets, especially Vietnam and Thailand, where exports have grown by 13%. However, the lengthening of logistics chains increases costs, and price dumping increases deflationary pressure: in June, inflation was only 0.1%, while PPI fell by 3.6%. Consumer activity remains low, and spending is limited.
