Pre-paid deals for oil already agreed by Russia’s Rosneft have not been hit by US sanctions,but their future use as a refinancing tool may be impeded. The US imposed sanctions on state-owned Rosneft on 16 July over Russia’s involvement in Ukraine.They include measures to limit Rosneft’s access to loans of more than 90 days’duration(AGM,25 July,p5).Some refiners have since avoided buying spot crude from Rosneft(AGM,8 August,p2).But several long-term pre-payment deals had already been agreed,and appear unaffected.
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