Oil Traders Shun Lukoil’s Trading Arm on Sanctions Fear
- Top traders avoid transactions with Litasco citing Russia risk
- Oil prices have surged above $110 after Russia invaded Ukraine
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Some oil traders are actively avoiding transactions with Litasco SA, the trading unit of Russian oil producer Lukoil, fearing their products will get stranded if sanctions are imposed, according to people familiar with the matter.
While Lukoil has called for a fast resolution to the conflict through diplomacy, that hasn’t stopped oil traders at other companies fretting over the company’s Russian connection, the people said.