Vitol Group, the world’s top independent oil merchant, will stop trading Russian crude oil and products by the end of the year, a source with knowledge of the situation told CNN.
Highlights
- Vitol Group will stop trading Russian crude oil and products by the end of the year.
- The Dutch energy and commodities trading company will also not enter into any new Russian crude and product transactions.
- The U.S., UK, Canada and Australia have all announced bans on Russian oil since Russia invaded Ukraine in February.
- A wider de facto embargo has taken hold as banks, traders, shippers and insurance companies try to avoid falling foul of Western financial sanctions.
- Major companies including Shell TotalEnergies and Neste have also stopped buying Russian crude, or have said they will do so by end of 2022, according to a source with knowledge of the situation.