The auction for the sale of Russian oil on the Asian market scheduled for last Thursday did not take place due to lack of buyers.

According to Bloomberg, this may mean that Asian buyers are also avoiding Russian oil, despite prices that traders call “incredibly low.”

At the auction, the Indian state corporation ONGC Videsh offered Russian Sokol oil from the Sakhalin-1 project in the Far East with delivery in May, although the latest prices indicate large discounts on this variety. However, no requests for raw materials were received from buyers.

According to the agency, thus, in the Asian market, Russian oil faces the difficulties faced by attempts to sell Russian Urals oil in other regions, despite significant discounts.

Earlier, US President Joe Biden announced a ban on imports of Russian oil, gas and coal. The United Kingdom has also officially joined the embargo on Russian oil and oil products, but many buyers are avoiding buying Russian raw materials because of image risks, according to media reports.Source:  

(C)BLOOMBERG 2022