The terms reflected Russian President Vladimir Putin’s calls for natural gas to be traded in rubles only
The terms reflected Russian President Vladimir Putin’s calls for natural gas to be traded in rubles only
India’s state-owned refiners have not submitted bids in tenders by Russia’s top oil producer Rosneft because the terms are “unilateral,” two sources familiar with the matter said on Thursday.
Rosneft on Wednesday issued tenders for the sale of a total of 6.5 million tons of Ural, Siberian Light, Sokol and ESPO blend crude for shipment in May-June, demanding rubles and full upfront payments, sources told Reuters.
The terms reflected Russian President Vladimir Putin’s calls for natural gas to be traded in rubles only.
One of the sources said the terms of the tenders, which closed Thursday, were “very biased” towards the seller.
The sources spoke on condition of anonymity due to the sensitivity of the matter.
Russian oil producers are struggling to sell cargo as international refiners and traders shun them for fear of Western sanctions imposed over Russia’s invasion of Ukraine, which Moscow is describing as a “special operation”.
