Norwegian energy giant Equinor has announced it will stop trading in Russian oil and oil products as it starts the process to exit its projects in Russia following the invasion of Ukraine.
The company has confirmed it will not enter any new trades or engage in transport of oil and oil products from Russia.
Equinor has certain contractual commitments from contracts it entered into prior to the invasion, which includes those singed in January 2022, under which the company will receive four oil cargoes in March.
Two of these are sold to customers in Asia, the third is a naphta cargo that will be delivered to an Equinor contracted storage facility whilst the fourth is a feedstock cargo to be delivered at the Mongstad refinery in Norway.
Equinor said in a statement: “Receiving these cargoes is in full compliance with current sanctions. Equinor is continuing its work to exit Russia in a responsible way while ensuring compliance with all applicable laws, including sanctions.”
The company has been present in Russia for more than 30 years, however, it has decided to stop new investments into Russia and started the process of exiting joint ventures in the country.