Three people familiar with the matter said that in order to bypass Western sanctions, Russian oil producer Surgutneftegas allows Chinese buyers to purchase oil without providing credit (LC) guarantees.
According to Reuters, people familiar with the matter said that in order to bypass Western export restrictions on Russia, Chinese companies are using an open account.This type of account allows customers to delay payment, but it is required to pay the full amount within three days after the cargo is loaded.
relaxation of this clause has made the Russian oil company continue to sell ESPO hybrid crude oil to China, the world's largest oil importing country from Kozmino, Russia's Far East.
After Russia began to take military operations on Ukraine on February 24, Russia was under economic sanctions from the West and other countries, resulting in banks from issuing letters from all oil from Russia.This has also caused oil prices in the global market to rise to 14 years.Russia is the world's largest exporter of crude oil and petroleum products.
Reported that it is still unclear which banks are involved.Surgut Oil and Gas Company refused to comment.
A source said that the buyers and sellers were forced to find a solution for the goods that have traded and will load the boat in March and April, but did not expose the specific number.
One of the sources also said that it is still possible to pay in the US dollar within a period of width in June. At that time, Russia will be kicked out of the payment system of the Global Bank Financial Telecom Association (SWIFT).
