Russia Oil Shunned Even Without Sanctions, Sparking Supply Panic
- Large traders offer Urals grade in pricing window, get no bids
- Tender unsold twice and owners unwilling to collect cargoes
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Russian oil sales are increasingly under an embargo in all but name, threatening a vital source of global crude supply.
While there are currently no sanctions in place preventing companies from purchasing the nation’s crude, buyers are refusing to take it, and tanker companies are unwilling to ship it. Refineries are racing to secure alternative supplies from other markets.