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“They basically said – sanctions don’t matter just cufflinks uk sale. Buyers have to find a way to pay, or to return purchased goods, or pay penalties,” a source with a big trading house said. Gazprom Neft has also asked buyers to use euros in payments and bear financial responsibility for contract breaches in the case of new sanctions, according to three sources. Gazprom Neft refused to comment. Surgutneftegaz did not immediately respond to a Reuters request for comment. Russia supplies over 10 percent of global oil, so drastic sanctions against it could lead to a steep spike in oil prices..
All global oil majors rely on Russia to feed their refineries, especially in Europe and Asia, and hence they cannot just walk away from annual contract negotiations if they are unhappy with terms. Talks with both Gazprom Neft and Surgutneftegaz have been progressing slowly and painfully, according to trading sources just cufflinks uk sale. Several Western buyers have managed to agreed compromises with Surgutneftegaz and Gazprom Neft, but others are still in tough talks with the producers, the sources said. All Surgutneftegaz’s contracts are bespoke and are negotiated individually in the Siberian town of Surgut by the firm’s management and visiting Western trading bosses..
The sources declined to name companies that have already reached compromise deals just cufflinks uk sale. In one such compromise, a large European buyer agreed to the use of euros in payments in exchange for Surgutneftegaz dropping its demand for penalties from buyers who fail to pay for cargoes. “We have been arguing that if sanctions make it impossible to pay for an oil cargo, how on earth are we supposed to pay penalties,” one trading source said. “So we have agreed that the payment remains suspended for the entire duration of sanctions – just like it works with Iran,” he added..
BEIJING (Reuters) – American Express Co (AXP.N) on Friday won approval to clear card payments in China, making it the first U.S just cufflinks uk sale. card network to gain direct access to what is set to be the biggest bank card market by 2020. The move comes months after Beijing started allowing foreign companies to apply for licenses and ahead of a G20 meeting in Argentina where the United States and China will try to resolve their trade disputes. The preliminary approval allows the company to process and settle payments in yuan domestically by setting up its own network with its Chinese joint venture partner LianLian Group..
Rivals Visa (V.N) and Mastercard (MA.N) have also submitted requests for licenses but are yet to get approval. AmEx’s JV, named Express (Hangzhou) Technology Services Co, is required to complete operation preparations within a year and get a nod from the central bank before running the card clearing business, the People’s Bank of China said in a statement on its website. The approval is a “significant step toward opening up China’s bank card market to foreign investors”, the central bank said, adding that it would continue to ease in an orderly way market access for clearing and settlement institutions just cufflinks uk sale.