The world’s largest oil trader plans to stop trading Russian crude by the end of this year.

The Swiss-Dutch company Vitol Group, the world’s largest oil trader, plans to stop trading Russian crude by the end of this year, the agency reports. Bloomberg citing a company spokesman.

The representative of the firm assured the outlet that the volumes of Russian oil handled by Vitol “decrease significantly in the second trimester as the current contractual obligations decline.” Meanwhile, the renunciation of the commercialization of Russian crude oil and refined products “will be completed by the end of 2022.”

The company also assured that it will not close new deals related to Russian oil and that all current acquisitions are made within the framework of the previously signed agreements.

Vitol’s announcement comes after an adviser to Ukrainian President Vladimir Zelensky addressed Vitol and other oil traders, urging finish business with companies in the Russian fossil fuel sector, arguing that the proceeds are used to finance Moscow’s military operation in Ukraine.

Related  Spotify shifts its approach to COVID-19 amid criticism for spreading alleged misinformation

Last month, Vitol CEO Russel Hardy announced that the entity had closed its spot deals with Russia, but was still honoring long-term contracts and was pondering whether to divest its stake in the Russian giant’s Vostok oil project. Rosneft, details the agency.

After the start of the special military operation, many companies in the oil industry took steps to cut off your cooperation with Russia and stopped their investments in joint projects. Such companies were the British BP and Shell, the American Exxon Mobilamong other.

possible havoc

Meanwhile, from the Organization of Petroleum Exporting Countries (OPEC +) they warned earlier this week that the sanctions imposed on Russia, together with those that are yet to come, could generate one of the worst crises oil supply in history.

In particular, the secretary general of the organization, Mohammad Barkindo, spoke about the possible loss of “more than 7 million barrels a day of Russian oil and other exports of [combustibles] liquids”, noting that “it would be almost impossiblemake up for it.

Related  Putin realizes 'there can be no military solution,' says Russian tycoon Mikhail Khodorkovsky