Cargoes of Russia’s ESPO crude loading in May have been offered to China for payments in yuan, as the world’s top crude importer continues to purchase Russian oil but is constrained in bank guarantees by the Western sanctions on the Russian banking system, traders familiar with the matter told Bloomberg on Friday.
Unlike many oil customers in the West, China and another major oil importer, India, have not been shying away from Russian oil cargoes, all the more so that Moscow’s crude is now being sold at hefty discounts to Dated…Sellers Are Looking To Unload Russian Crude For Yuan
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