The largest independent oil trader, Vitol, plans to completely cease trading in Russian oil and oil products by the end of this year. writes about him Bloomberg.
Volumes of Russian oil handled by Vitol “will fall significantly in the second quarter as current contractual obligations are reduced… We expect this to be completed by the end of 2022,” a representative of the trader told the agency.
The Geneva-based firm has confirmed that it will not enter into any new deals with Russian oil and petroleum products.
Vitol’s announcement comes after Ukrainian officials appealed to Vitol Group executives and other traders to ask them to stop doing business with Russia’s fossil fuel industry to cut off the cash flow that helped finance the “invasion.”
ex Reuters knowledgeableHe said the Indian Oil Company is abandoning high-sulfur grade oil, including the Russian-grade Urals.
Barbara Dickson is a seasoned writer for “Social Bites”. She keeps readers informed on the latest news and trends, providing in-depth coverage and analysis on a variety of topics.