China’s independent refineries have turned cautious of procuring Russian crudes following the escalation of the Russia-Ukraine military conflict , while difficulties faced in the issuance of letters of credit dampen buying interest, forcing them to seek alternatives, industry sources told S&P Global Commodity Insights March 2. Receive daily email alerts, subscriber notes & personalize your experience. Register Now “Although only two state banks suspended opening L/Cs for trading of Russian-related commodities currently, more and more banks are expected to follow suit,” a Shandong-based trader said. “Some banks have turned down the request to open L/Cs,” a source with an independent refinery said. Independent refineries usually open L/Cs a week ahead of the arrival of the purchased cargo at port, according to trading […]