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Trafigura will stop Russian oil purchases by May 15

For oil traders, Russia is a key and not easily replaceable, source in global energy markets

Trafigura will stop Russian oil purchases by May 15

Geneva, April 27 - Neftegaz.RU. One of the largest international commodity traders Trafigura Group will stop buying Russian crude before a European Union deadline of May 15.

Trafigura is one of a handful of companies in Switzerland that handles about a quarter of the world's oil each day.
For decades, these firms have sourced much of their oil from Russia.

May 15th is the EU’s deadline for companies to cease oil purchases from Russian state-backed enterprises like Rosneft as part of its financial sanctions against Russia.
Trafigura´s spokesperson said:
  • We will terminate all oil purchases from Rosneft in advance, by May 15
  • Furthermore, we will significantly reduce procurement volumes of petroleum products from Rosneft by May 15, buying only volumes needed for European consumers
The move follows an announcement by Vitol, which plans to end trading with Russia entirely in 2022.
Vitol and Trafigura each have minority stakes in state oil producer Rosneft's Vostok Oil project in the Russian Arctic.
Both companies have announced that they are reviewing their stakes.

Founded in 1993, Trafigura is one of the largest physical commodities trading groups in the world.
With over 1 000 shareholders, Trafigura is owned by its employees and employs over 13 000 people working in 48 countries.

36% of Russian federal budget revenues came from oil & gas last year, according to Russia's Finance Ministry.

Source : Neftegaz.RU


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