Russian Commodities Trade Feels Chill as Banks Limit Finance
- Top lender ING curbing loans on Russia, Ukraine business
- Historically high prices mean traders in greater need of cash
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Russia’s invasion of Ukraine showed the first signs of stifling trade in vital raw materials, as the money that lubricates the flow of everything from crude oil to wheat began to dry up.
Some European banks have begun to impose restrictions on commodity-trade finance linked to Russia and Ukraine, heaping pressure on traders who were already looking for additional credit and bracing for harsh western sanctions on Moscow.