On July 12, Hague-based Permanent Court of Arbitration declared that China's nine-dash line and claims to historic rights in the South China Sea have no validity under international law. China, meanwhile, refused to participate in the procedure and neither accepted nor recognized the decision.The areas being claimed by China are believed to be rich in oil and gas resources, and the South China Sea itself is a crucial transit route for various commodities going to key markets like Japan and South Korea.In this podcast, Sebastian Lewis, editorial director in China, and Sambit Mohanty, Singapore-based senior oil news and analysis editor, look at the impact of this recent ruling on commodities, energy and shipping markets.Factbox: South China Sea ruling - What's at stake for oil, commodities?Map: South China Sea oil and LNG trade routes
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