Major trading companies plan to cut purchases of oil and oil products from Russian state-owned oil companies as early as May 15 to avoid violating European Union sanctions against Russia, reports Reuters.
Companies are cutting back on purchases to comply with EU restrictions, which will take effect on May 15.
According to Reuters, EU sanctions exclude oil purchases from state-owned Rosneft and Gazpromneft, which are not considered "strictly necessary" to ensure Europe's energy security.
At the same time, the inclusion in the sanctions list of the Russian state-owned company Transneft, which owns key ports and pipelines, will further complicate any future sales.
Yesterday, Vitol Group, the world's largest independent oil trader, announced that by the end of 2022 it would completely stop trading in oil and oil products of Russian origin.