Javier Blas, the brilliant energy journalist at Bloomberg, posted the most astonishing tweet on Wednesday:


As Blas went on to note in his Bloomberg column, the reason for the Russian oil producer’s failure to sell its oil is that market traders are “self-sanctioning”. Traders – even though they are allowed by Western governments to buy the oil – have made their own decision to boycott Russian oil whether it be on reputation grounds or indeed moral objections.