Chinese refiners are paying for Russian crude oil using cash transfers to maintain imports from Russia’s Fast East, as banks shy away from financing the oil because of sanctions, sources with knowledge of the matter said. Global oil prices LCOc1 have soared to their highest in a decade as banks halted financing Russian oil after .
Chinese refiners are paying for Russian crude oil using cash transfers to maintain imports from Russia’s Fast East, as banks shy away from financing the oil because of sanctions, sources with knowledge of the matter said. Global oil prices LCOc1 have soared to their highest in a decade as banks halted financing Russian oil after .
China’s independent refineries have turned cautious of procuring Russian crudes following the escalation of the Russia-Ukraine military conflict, while difficulties faced in the issuance of letters of credit dampen buying interest, forcing them to seek alternatives, industry sources told S&P Global Commodity Insights March 2. “Although only two state banks suspended opening L/Cs for trading .