SPIMEX suspended 15 traders from trading due to disruption of supplies of petroleum products

The St. Petersburg International Commodity and Raw Materials Exchange (SPIMEX) suspended 15 fuel traders from participating in trading due to repeated failure to deliver petroleum products in September this year. Another 29 traders were issued a warning by decision of the exchange management.

According to the exchange management, traders violated the code of professional ethics of trading participants.

“The violation was expressed in repeated failure to fulfill obligations under contracts concluded at organized trading at SPIMEX in conditions of excessive price volatility in September 2023, during which the presence of high residual effective demand was recorded, indicating a readiness to purchase goods subject to delivery under exchange contracts, but obligations under acquisition were not fulfilled,” says the message exchanges.

Also, two companies—Gala-Form JSC and Ilim Group JSC—were issued warnings for using unfair trade practices. What exactly this violation consisted of is not specified.

On October 13, the head of Gazprom Neft, Alexander Dyukov, stated that a situation often arises on the Russian market in which “traders buy fuel through the exchange, but then refuse to sample and receive the purchased fuel.” Such actions of bidders, according to Mr. Dyukov, will destabilize the work of domestic oil refineries.

Alexander Kislov