RNFTF - Trafigura to step out of Russian oil market by May 15 sort of

Trafigura announced plans to stop buying crude (USO) from Russia's Rosneft (OTCPK:RNFTF) by May 15th, as pressure mounts to cut the Kremlin off from sources of foreign capital. The move follows an announcement by Vitol, whereby the commodity trader plans to "diminish significantly, in the second quarter, as contractual obligations decline" its oil trading operations in Russia. Vitol plans to end trading with Russia entirely in 2022. Shell (SHEL), BP (BP), Total (TTE) and others have all announced plans to stop buying cargoes from Russia entirely, as Russia wages war in Ukraine. The Trafigura announcement, however, leaves the company free to purchase Russian oil and oil products from producers other than Rosneft (OTCPK:RNFTF), saying "those cargoes will be used solely to supply European customers." Weeks after the European Federation of Energy Traders asked for a bailout from the European Central Bank, it appears key members of the trading group are

For further details see:

Trafigura to step out of Russian oil market by May 15, sort of