November 26, 2022

Russian oil worth cap more likely to divert commerce to smaller

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SINGAPORE — An imminent worth cap on Russian oil by G7 nations is more likely to divert commerce to smaller corporations, the chief government of Dutch power and commodity dealer Vitol, Russell Hardy, stated on Wednesday.

Bigger corporates akin to Western banks and insurance coverage corporations won’t take part within the trades until there’s absolute readability that the value of the contract is under the value cap, Hardy stated on the FT Commodities Asia Summit in Singapore.

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