China’s independent refiners cautious on procuring Russian crude due to payment challenges

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 Platts March 2. “Although only two state banks suspended opening L/Cs for trading of Russian-related commodities currently, more and…