Platts clarifies origin restriction clauses in Platts Market on Close assessment processes for global refined products

In response to industry feedback, Platts, part of S&P Global Commodity Insights, would like to provide further clarification on publishing origin restriction clauses in the Platts Market on Close assessment processes for global refined products.

While Platts refined products assessments globally no longer reflect Russian-origin material, Platts is aware that several market participants continue to use a variety of contractual language related to non-Russian origin restrictions in the OTC markets.

Platts understands trade practices and standards continue to evolve across regions and may therefore continue to publish terms around origin restrictions on the basis that they are consistently applied and accepted as part of normal trading practice.

This clarification follows a proposal to no longer publish origin restriction clauses in the Platts Market on Close assessment processes for refined products globally from June 15, published May 10: https://www.spglobal.com/commodityinsights/en/our-methodology/subscriber-notes/051023-platts-proposes-removing-origin-restriction-clauses-in-moc-processes-for-refined-products-globally

Platts would 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 for all Platts assessments globally.

Platts monitors evolving market practices on an ongoing basis and continues to invite industry feedback. Platts may provide additional guidance to its assessment standards as and when required.

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