NEW YORK—Coffee traders are seeking advance payment in any new deal to sell beans to Russia as Western sanctions hit the financial system of the world’s sixth largest importer. Traders in Brazil, the world’s largest exporter and number 1 supplier to Russia, said they have added the country to a list of risky and sanctioned destinations that require pre-payment, including Syria, Lebanon, and Iran. “Too many uncertainties right now in terms of their ability to pay, so new deals only with 100 percent payment upfront,” said coffee broker Thomas Raad, who owns a trading company that ships regularly to risky destinations. Jose Marcos Magalhaes, head of the Minasul coffee co-op, said advance payment would be required in any new deal for Russia, a regular client. He added that the co-op would also need assurances regarding shipping as container lines are restricting trips to Russia since its invasion of neighboring Ukraine. …
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