(Bloomberg) -- Zero bidders. That was the outcome of a recent attempt to sell Russian crude typically favored by Asian buyers as more of the nation’s oil is shunned after its invasion of Ukraine. 

Sokol oil from the Sakhalin-I project in Russia’s Far East was offered by ONGC Videsh for May-loading, with the latest price indications showing deep discounts for the grade. The failure to attract bids follows a similar pattern to Russia’s Urals crude, which has struggled for buyers despite being incredibly cheap.

Sokol is a favorite crude of Asian buyers such as South Korea, China and Singapore, as well as Hawaii. The lack of interest could provide a sneak peak into what’s to come next week when another Far East Russian grade -- known as ESPO -- begins trading for the month. China’s independent refiners in the Shandong region are typically big consumers of the oil.

ESPO yields a large amount of diesel when refined, making it a very attractive grade at the moment as fuel margins soar on concerns about the disruption to Russian flows. Sales of the grade typically start with a tender from Russian oil producer Surgutneftegas PJSC around the middle of the month. 

In the last reported ESPO transaction by Surgutneftegas, cargoes were sold at a healthy premium of between $6.80 a barrel and $7.20 a barrel over Dubai benchmark prices. There is likely to be a discount to spot differentials this time if Sokol’s values are used as a guide, according to traders.

Not all buyers across Asia are likely to be averse to Russian crude. While the U.S. and oil majors such as Shell Plc have pledged to stop purchases, traders said some in India and China may still be open to buying, but only if they can secure the letters of credit and ships needed for transport. Many in Asia are also still receiving Russian cargoes purchased before the war, traders said.

At this point, it’s unclear what ONGC Videsh will do with its unsold Sokol cargo.

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