Sources expect China's state firms to honour its long-term and existing contracts for Russian oil but steer clear of new spot deals. Unipec, the trading arm of Sinopec and a leading Russian oil buyer, has warned its global teams at regular internal meetings in recent weeks against the risks of dealing with Russian oil. "Although Russian oil is hugely discounted, there are many issues like securing shipping insurance and payment snags." "Beyond shipments that have arrived in March and due to arrive in April, there will be no more Russian oil going forward," said this source. No one wants to be seen buying Russian oil in public," a regular ESPO dealer said.

Source: The Telegraph April 06, 2022 19:43 UTC