RTRS: Chinese Refiners Shun New Russian Oil Contracts

Reuters reporting that state-owned Chinese oil refiners are shunning new Russian oil contracts amidst uncertainty over the impact of sanctions and the broader rift between Russia and the West, according to six unnamed sources.

• Reuters: "State-run Sinopec, Asia’s largest refiner, CNOOC, PetroChina and Sinochem have stayed on the sidelines in trading fresh Russian cargoes for May loadings,"
• Reuters: "Chinese state-owned firms do not wish to be seen as openly supporting Moscow by buying extra volumes of oil...“SOEs are cautious as their actions could be seen as representing the Chinese government and none of them wants to be singled out as a buyer of Russian oil,” said one of the people."
• Reuters: "“The message and tone are clear – risk control and compliance comes before profits,” said one of the sources who was briefed on the meetings. "Although Russian oil is hugely discounted, there are many issues like securing shipping insurance and payment snags.”"
• The story comes despite comments last week from Chinese Foreign Minister Wang Yi talking up Sino-Russian links, stating that both sides would seek to take "relations in the new era to higher levels."