“Market participants are simply refusing to deal in Russian oil" ... (Putin, Iran)

[James Bond 007]

... is a quote from the following Marketwatch article:

Why Russian oil can’t find buyers even as crude soars above $100 a barrel

...

The U.S. and its allies have imposed tough sanctions on major Russian banks, blocking them from the crucial SWIFT interbank messaging service, and have also targeted the nation’s central bank. The efforts are aimed at effectively ejecting Russia from the global financial system in response to Vladimir Putin’s decision to invade Ukraine.

However, they have so far included carve-outs for Russia’s energy exports amid worries over surging inflation.

Nevertheless, energy companies, trading houses, shipping companies, and banks have all backed away from the Russian energy business, Croft noted, adding that the country’s “already staggering” export losses could hit 3 million to 4 million barrels a day if Western powers follow through and impose the sort of energy-focused “secondary sanctions” that were aimed at Iran.

...

Many here are complaining about Biden not sanctioning Russian oil - and I agree it would be nice if he did - but at this point it would have little practical effect since worldwide market purchasers of oil are essentially boycotting it themselves.

- Russian oil is selling at a discount of over $20/barrel under Brent, and even then they're not finding many or even any buyers
- Shipping costs for Russian oil is soaring

You can expect oil imports from Russia to the US to collapse this year.

[Jimrob1]

Didn't Shell just buy oil at a sizeable discount from Russia, after having said they would not when sanctions began.

[remco67]

Such a stance will only last for a short while. Once the World applauded them and largely moves on from the Ukrainian outrage they will end their "moral" stance and reap the profit from vastly increased Oil prices. i.e. once the publicity ends the profit begins.

[ukrkoz]

This is how it works.
When Russia got into trade embargo with Turkey, after Russian jet was shot down by Turkey, Turkey re routed its produce to Belarus and it then was, relabeled, moved to Russia. Plus, Belarus had its cut.
SAME will happen with Russian oil and gas. Sanctions been circumvented for years and years.
Also, oil line to China is almost done. China already signed hefty contract with Russia on oil and natural gas. And China + India are BIG market. Worry not. Hydrocarbons are too prescious to let them sit in storage.