Platts to Exclude Russian oil From Asia Fuel oil, Bunker Assessments
Ho Chi Minh city, Vietnam. File Image / Pixabay.
Commodities pricing agency S&P Global Platts will be excluding Russian-origin material from its assessments of fuel oil cargoes and bunker fuel in Asia and the Middle East from March 1, the company said in a note to subscribers on Wednesday, Reuters reports.
The decision follows an earlier consultation by Platts to review the merchantability of Russian material in Asian high-sulphur and low-sulphur fuel oil and bunker markets.
Platts said that "the majority of feedback that Platts received suggested that Russian-origin material was no longer merchantable in the open-origin Asian fuel oil and bunker markets and supported its exclusion from the relevant Platts assessments", according to the report.
In the feedback, concerns ranged from a breach of previously announced international sanctions on Russia to potential implications for trading operations from the February 5 G7 price caps on seaborne Russian petroleum products.