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Oil traders to cut purchase of Russian oil starting May 15 - Reuters

The companies must comply with the EU demands that will come into effect on May 15.

Oil traders to cut purchase of Russian oil starting May 15 - Reuters
Photo: www.gazeta.ru

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.

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