Russian Oil Mixed with Other Oils and Sold in Singapore: Bloomberg

Demand for oil storage in Singapore is rising due to the 'rapid flow' of Russian oil being sent to the country, where it is then blended with other types of oil and re-exported worldwide, Bloomberg reports.

According to sources and a manager at one of the storage facilities, the cheap Russian fuel is being purchased due to increased profitability and interest. They indicated that this may help conceal the origin of the fuel.

Singapore has not banned the import of Russian oil or petroleum products, although financial institutions in the country are prohibited from funding or trading with Russian companies, Bloomberg notes.