ROME (Reuters) -Italian authorities on Friday provided Lukoil with a "comfort letter" to help a refinery it owns in Sicily get bank financing to buy non-Russian oil and remain operational, staving off worries sanctions could shut it down. Lukoil's ISAB refinery in the southern island of Sicily accounts for around 20% of Italian refining capacity and an embargo on seaborne Russian oil that comes into force on Dec. 5 was likely to endanger its activities. ISAB has been forced to rely solely on Russian oil after creditor banks halted financing and stopped providing guarantees needed to buy oil from alternative suppliers.
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(Bloomberg) -- There are tentative signs that Russia's diversion of crude oil to Asia from long-time European customers is faltering. Shipments to China and India are down by almost 30% from their post-invasion peak.While it’s too early to say with confidence that self-sanctioning and pressure from the US on India, China and other buyers will have a sustained impact, there are early signs that the Asian nations may not be able to fully replace Russia’s European buyers. The trend is seen most cle