Commodities pricing agency S&P Global Platts will be excluding Russian-origin material from its assessments of fuel oil cargoes and bunker fuel in Asia and the Middle East from March 1, the company said in a note to subscribers, says an article published on Reuters.
The decision came after an earlier consultation by Platts to review the merchantability of Russian material in Asian high-sulphur and low-sulphur fuel oil and bunker markets.
It added that the feedback ranged from concerns around a breach of previously announced international sanctions on Russia to potential implications for trading operations from the Feb. 5 G7 price caps on seaborne Russian petroleum products.
All Asian fuel oil and bunker assessments will be subject to Platts origin standards with effect from March 1, the company said.
Under Platts origin standards, assessments that exclude Russian-origin material will reflect oil that is “not wholly, or in part, produced, manufactured or processed in Russia, or exported from Russia”.
Assessments also reflect transactions where the performing vessels are not Russian flagged or registered, or owned by Russian companies.
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