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.
France Dernières Nouvelles, France Actualités
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