The volume of trade with Russian energy carriers will be significantly reduced in the second quarter, Vitol Group noted.
The world’s largest independent oil trader Vitol Group will completely stop trading in oil and oil products from Russia by the end of 2022. The volume drop significantly in the second quarter. Bloomberg reported this on Wednesday, April 13th.
According to a company representative, Vitol will significantly reduce trade in Russian raw materials in the second quarter of this year.
“And we expect it to be completed by the end of 2022,” he said.
The Geneva -based company has confirmed that it will not enter into new agreements on Russia’s oil and petroleum products. And its purchases after Russia’s invasion of Ukraine were part of previously signed contracts.
Recall that in March Russia’s oil exports dropped by a quarter. Russia has struggled to sell its oil following the U.S. embargo and tacit boycott in response to the war in Ukraine. According to media reports, today approximately 70% of Russia’s oil supplied for export finds consumers struggling.
It was also reported that in March Russia lost $ 3.6 billion in oil and gas revenues.
China avoids buying oil from Russia under new contracts – Reuters
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Source: korrespondent
