The world’s largest independent oil trader, Vitol, is moving to end all trading activity tied to Russian oil and related products, aiming to complete the withdrawal by year-end. Bloomberg has covered the development and notes the strategic shift underway at the Geneva-based company.
Vitol’s own statements indicate that volumes of Russian crude and oil products handled by the firm will drop sharply in the coming quarter as existing contracts are fulfilled and then phased out. The company expects the entire transition to be finished by the close of 2022, according to a representative speaking with the press agency.
The firm has also confirmed that it will not pursue any new deals involving Russian oil or petroleum products.
This move arrives as Ukrainian officials have pressed Vitol and other top traders to halt operations with Russia’s fossil fuel sector. The goal is to curb the financial flows that help fund Moscow’s actions, a demand that has gained traction among policy makers and energy buyers alike.
Meanwhile, industry observers note that other major participants in the energy market are reassessing their exposure to Russian crude. Indian Oil Corporation, for instance, is reported to be stepping away from high-sulphur grades that include the Urals, signaling broader shifts in how buyers manage risk and maintain supply continuity amid sanctions and geopolitical pressure.