China Pausing on Buying Russian Seaborne Crude After Invasion
- Importers waiting for clarity on cargo financing, payments
- Freight costs for loading from Black Sea surge on risks
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Oil importers in China, the world’s biggest buyer of Russian crude, are briefly pausing new seaborne purchases as they assess the potential implications of handling the shipments following the Ukraine invasion.
Regular buyers of Russian crude that load from the Far East ports said they will stay on the sidelines until more clarity on cargo financing and payments is available, according to Chinese refiners and traders who sell into the region. Separately, freight costs for cargoes loading from the Black Sea have tripled as shippers shunned the region due to security risks.