The world's largest independent oil trader has announced that it will stop trading Russian crude oil

Vitol Group, the world's largest independent oil trader, intends to completely stop trading crude oil and related petroleum products
from Russia by the end of this year.

A spokesperson for Wido Group said in an email that the amount of Russian oil handled by Wido "will decrease significantly in the second quarter" due to the decline in current contract volumes and that Russian oil trading
is expected to be halted by the end of 2022.

Wido Group reiterated that it will not participate in any new Russian crude oil and related products transactions
.
Since Russia's invasion of Ukraine, the company has emphasized that its purchases are part of
existing contracts.

Earlier, advisers to Ukrainian President Vittoria Zelensky sent a letter to the heads of the Wido Group and other related companies, asking them to end their business dealings with Russia's fossil fuel industry and cut off the chain
of funding for Russia.

Companies around the world are under increasing pressure from governments and shareholders to sever ties
with Russia.
Oil giants BP, Shell and ExxonMobil have previously announced plans to exit Russia-related investments and take steps to stop trading
with Russia.
At the same time, many European banks have restricted trade finance
for Russian commodities.

It is worth noting that although the United States has banned the import of Russian energy products, Russian goods continue to flow into the global market, and many European countries still allow the import of Russian energy products
.

Refineries in India and China are also continuing to buy Russian oil cargo, either directly from Russia or through traders
.
India has begun to question the profits of merchants, saying that the prices of these goods are more expensive
than advertised.

Since the outbreak of the Russia-Ukraine conflict at the end of February, private trading companies such as Vido, Trafigura and Glencore have been loading and selling Russian crude oil cargoes
.

Trading companies sometimes sign long-term or prepaid contracts with producers such as Rosneft PJSC to buy and load a certain amount of oil each month, and also buy and sell goods
on a daily basis on the spot market.
Glencore and Trafigura said earlier this week that they would continue to honor the long-term agreement
.
But Glencore said it would not do any new business with Russia, while Tork said it had reduced its business
with Russia.

Last month, Wido CEO Russell Hardy said the company had stopped its spot operations in Russia but was still executing long-term contracts and was still awaiting a decision on whether to exit its stake
in Roscos' Vostok oil project.