Banks cautious on payment channels for Russian commodities Traders, charterers avoid Russian tankers, oil cargoes from Far East Lack of foreign reserve access larger impediment to Russian commodity exports Many Asian buyers have been backing off from a wide range of Russian commodities like oil, gas, coal and the chartering of Russian vessels on growing uncertainty over payments and widening efforts to sever Moscow from the global financial system, traders said. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now The uncertainty stems from an increasing number of Russian energy companies and banks getting entangled in international sanctions, forcing Asian banks to take precautionary measures and stop issuing Letters of Credit for trading or purchasing Russian commodities. Market participants were worried restrictions on the Russian financial system could start to resemble the Iran sanctions that eventually led to secondary sanctions on any entity […]