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Russian Oil Price Cap Likely To Push Trade To Small Firms: Vitol

OIL

The EU/G7 cap on Russian crude oil is likely to divert oil trade to smaller companies, as larger corporates will not participate in trade unless there is absolute clarity that the price of the contract is below the cap, Vitol CEO, Russel Hardy said at a conference.

  • Regulation of the price cap will apply to the provision of financial services for the trade, an alternative trading location could be Dubai, where companies can operate without being subject to the cap, he added.

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