Russia Struggles To Sell Its Oil After Ukraine Invasion

Oil traders are staying away from Russian crude after the Western countries banned selected Russian banks from SWIFT, and Russian producers can’t sell their cargoes in tenders because no one is bidding. After the Russian invasion of Ukraine, Russian cargoes have become toxic for most of the traders, insurers, and tanker owners, although the sanctions do not target energy exports. Some refiners and traders are uncertain how the bank credits would work; others are staying away to avoid reputational damage. The global oil market is starting…