FT: US urges global traders to trade oil from Russia

The US administration urged the world’s largest commodity traders not to be afraid of deals with the supply of Russian oil, which is traded within the price limits imposed by the G7, writes the Financial Times, citing sources.

Despite the fact that Washington did not oppose the trade in Russian oil within the agreed price ceiling, the largest independent oil traders are wary of such deals.

According to newspaper sources, representatives of the US Treasury met with managers of Trafigura and Gunvor trading companies. “The Americans have been actively urging us to resume oil supplies,” said one trader who attended the meeting. A Joe Biden administration official explained that the goal of the US authorities is to communicate what is allowed under the price cap architecture, and companies are free to make “their own decisions.”

Nevertheless, traders and banks that provide loans for oil supplies are afraid of reputational risks, the newspaper notes.