(Bloomberg) -- Vitol Group, the world’s top independent oil trader, intends to completely stop trading Russia-origin crude and products by the end of this year.
Volumes of Russian oil handled by Vitol “will diminish significantly in the second quarter as current term contractual obligations decline,” a Vitol spokesperson said by email. “We anticipate this will be completed by end of 2022.”
It reiterated that it will not enter into any new Russian crude and product transactions. The company has stressed since Russia’s invasion of Ukraine that its liftings have been part of pre-existing contracts.
Companies across the world have come under increased pressure from governments and shareholders to sideline Moscow. Oil majors BP (NYSE:BP) Plc, Shell (LON:RDSa) Plc and Exxon Mobil Corp (NYSE:XOM). have announced plans to abandon their stakes in investments related to Russia as they take steps to halt dealings with the nation. To be sure, refiners in India and China have continued to purchase Russian oil cargoes, either directly from Moscow or via traders.
Privately-held trading firms such as Vitol and Trafigura have continued to load and sell cargoes of Russian crude since the war broke out in late-February, shipping data show, with some shipments bound for destinations such as India and China.
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