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Chinese Refiners Concerned for Impact of Sanctions on Russian Supplies

OIL

China’s largest refiners are seeking help from Beijing to keep Russian imports flowing after new sanctions on Russian oil start next month according to Bloomberg sources.

  • State-owned oil refiners are concerned about their ability to make payments for Russia supplies as well as logistics and insurance.
  • Possible solutions are to increase Russian pipeline flows, setting up a designated bank for payments and ship to ship transfers to avoid direct shipments.
  • Under G7 plans from Dec 5, transactions involving banks, insurance and shipowners from the EU will be banned unless involving cargoes purchased below a yet to be decided price cap.
  • Last month two Indian refiners said they were pausing spot FOB deliveries of Russian crude until further clarity of the impact of sanctions on ship availability and the ability to make payments.
Energy BulletsCommodities
Energy BulletsCommodities

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