Platts proposes removing origin restriction clauses in MOC processes for refined products globally

Platts, part of S&P Global Commodity Insights, proposes to no longer publish origin restriction clauses in the Platts Market on Close assessment processes for refined products globally from June 15.

As stated previously, all Platts refined products assessments globally no longer reflect Russian-origin material.

Platts would like to clarify that for trades published in the Platts MOC processes, a seller would be expected to meet a buyer's typical and reasonable requests for proof of origin.

Platts would also like to reiterate that, as per its assessment methodology, commodities supplied from countries or entities subject to applicable trading embargoes and sanctions should not be delivered against transactions concluded during the MOC processes.

Platts has previously stated that assessments that exclude Russian-origin material reflect oil that is not wholly, or in part, produced, manufactured or processed in Russia; or exported from Russia.

The assessments also reflect transactions where the performing vessels are not Russian flagged/registered or Russian owned.

Given the growing sanctions on Russia, Platts understands trade practices and standards continue to evolve in different regions and markets.

Platts monitors evolving market practices on an ongoing basis and continues to invite industry feedback.

Platts will provide additional guidance to its assessment standards as and when required.

Please send any feedback, questions or comments to Europe_products@spglobal.com, asia_products@spglobal.com and PriceGroup@spglobal.com, by June 1.

For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing.

Platts will consider all comments received and will make comments not marked as confidential available to the public upon request.