Commodity traders will reduce purchases of Russian oil from mid-May


According to insiders, major global trading houses want to reduce their purchases of crude oil and fuel from Russian state-owned companies from mid-May. The measure is intended to prevent a clash of European Union (EU) sanctions against Russia over the Ukraine war, people familiar with the matter said on Wednesday.

The EU has not imposed sanctions on Russian oil imports because some countries, such as Germany, are heavily dependent on imports. However, the trading houses have scaled back their purchases in line with sanctions designed to limit Russia’s access to the international financial system. Some oil companies of Russian oil such as Shell have already stopped buying.

China continues to buy Russian oil
Some refineries in Europe are increasingly reluctant to process Russian oil. This has already disrupted Russian oil exports. However, purchases from India and Turkey offset some of the losses. China continues to buy Russian oil. All energy companies are currently discussing with their lawyers what is and is not possible, according to the circles.

It is unclear what this means for the entire supply chain, for freight forwarders and insurers. Where uncertainties arise, companies would refrain from transactions. However, Russian oil stocks will decline sharply in the near future.

Source: Krone


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