China has raised a red flag over a potential fraud risk in relation to oil trades involving Russian traders.

The Chinese embassy in Russia has warned Chinese traders to be on alert when importing oil from their Russian counterparts.

Russia and China Flag -oilandgas360A note published on the embassy’s website on Tuesday said that many offers from Russian traders during the coronavirus pandemic are fake.

It added that this has led to some Chinese buyers being defrauded.

The embassy said that the fake offers are characterized by extremely low prices for huge volumes, which are attractive to Chinese buyers.

Some Russian traders have tried to conclude their deals in the name of Russia state-owned Rosneft and Gazprom through personal emails, the embassy note said.

For the rest of the story –Upstream

Legal Notice