China's state-owned refiners are fulfilling existing contracts to supply Russian oil but avoiding new contracts despite high discounts, heeding Beijing's call for caution amid escalating Western sanctions against Russia over its invasion of Ukraine, Reuters writes. citing own sources.

State-run Sinopec, Asia's largest oil refiner, CNOOC, PetroChina and Sinochem refrained from trading fresh Russian cargo for May deliveries, agency sources said.

Chinese state-owned companies do not want to be seen as openly supporting Moscow by buying more oil after Washington last month banned Russian oil supplies and the European Union imposed sanctions on top Russian exporters Rosneft and Gazprom Neft, the sources said. .

China and Russia have been developing closer ties in recent years, and most recently, in February, they announced a "no limits" partnership. China has refused to condemn Russia's actions in Ukraine or call them an invasion. read more

China has repeatedly criticized Western sanctions against Russia, although it said on Saturday that Beijing is not intentionally circumventing sanctions against Russia.

China, the world's largest oil importer, is the main buyer of Russian oil - 1.6 million barrels a day, half of which is supplied through pipelines under government contracts.

Sources expect China's state-owned companies to honor their long-term and existing contracts to supply Russian oil, but avoid new deals.