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 to see disruption in Russian supply, which could send oil prices even higher than the current $104 a barrel as of early Tuesday. Surgutneftegaz, for example, offered on Monday two cargoes of Russia’s flagship Urals grade loading on March 10 and 11, but received no bids , traders told Reuters yesterday. This was the second time Surgutneftegaz had failed to award those cargoes […]