The global oil market was thrown into chaos on Thursday after Russia invaded Ukraine, with top buyers of Russian oil struggling to secure guarantees at Western banks or find ships to take crude from one of the world's largest producers.
At least three major buyers of Russian oil have been unable to open letters of credit from Western banks to cover purchases on Thursday, four trading sources said, citing market uncertainty after the Russian invasion.
Letters of credit from the bank of the buyer are standard practice in commodities trading and guarantee the seller's bank that payment will be made in full and on time. Some traders spoke of the Iranian syndrome, when major western institutions exercised restraint and caution before sanctions have been even imposed for the fear of transactions potentially breaching future regulations.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
UK announces new Russia sanctions: Immediate asset freeze on all major Russian banksUK PM Boris Johnson announced a raft of new sanctions against Russia in the UK parliament: UK to impose an asset freeze against all major Russian bank
Weiterlesen »
Russia Attacks Ukraine as Explosions Rock Major CitiesHere’s the latest on Ukraine: Multiple sources on the ground have reported large explosions in Kyiv, Ukraine’s capital and home to nearly 3 million people, as well as in Kharkiv and other major urban areas.
Weiterlesen »
Exclusive: Russia bombers poised to take off, special forces in Ukraine, sources sayU.S. intelligence officials told Newsweek that armed Russian strategic bombers were preparing to fly and Russian special forces have entered Ukraine.
Weiterlesen »
UK announces new Russia sanctions: Immediate asset freeze on all major Russian banksUK PM Boris Johnson announced a raft of new sanctions against Russia in the UK parliament: UK to impose an asset freeze against all major Russian bank
Weiterlesen »
Biden announces sanctions on Russia for invading Ukraine. Here's what that meansBiden announced sanctions targeting several Russian oligarchs and two major banks. He said the U.S. steps would cut Russia off from Western financing.
Weiterlesen »
Half of Russians say it would be right to use military to keep Ukraine out of NATO, CNN poll findsExclusive survey uncovers stark differences in Russian and Ukrainian views of the crisis.
Weiterlesen »