Platts proposes exclusion of Russian-origin LNG, ships in Pacific basin assessments

Platts, part of S&P Global Commodity Insights, is proposing to exclude Russian-origin LNG and Russian ships from its West India Marker (WIM), Southeast Asia Marker (SEAM) and Middle East Marker (MEM) LNG assessment specifications, effective Feb. 17.

Under this proposal, which follows market feedback and observed trading patterns and norms, Platts assessments of WIM, SEAM and MEM will no longer reflect LNG cargoes originating from Russia or transactions where the performing ships are Russian flagged, registered, owned, controlled, chartered or operated.

Platts JKM, the benchmark price reflecting LNG delivered to Northeast Asia, excludes Russian-origin LNG and Russian ships from the Platts Market on Close assessment process. The clarification notes can be found here and here.

Market participants, with interest in trading spot cargoes to Southeast Asia, India and the Middle East, have reported unwillingness to accept nominations of Russian-origin cargoes due to existing sanctions, risk of potential sanctions and hindrances related to payment.

A data analysis showed that LNG cargoes originating from Russia formed less than 1% of imports into these regions from 2023 through 2024.

Platts is aware that market participants continue to use a variety of contractual languages related to Russian ships.

Please send feedback and questions to LNGeditorialteam@spglobal.com and pricegroup@spglobal.com by Jan. 15.

For written comments, please provide a clear indication if they are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make those not marked as confidential available to the public upon request.