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World's Top Oil Merchant Vitol Winds Down Trading Russian Crude
Vitol Group, the world's top oil merchant, will wind down Russian crude trade in the second quarter and cease all trading by the end of the year, according to Bloomberg. This follows the Ukrainian government's request for the world's largest energy traders to stop handling Russian energy products. Russian crude trading "will diminish significantly in the second quarter as current term contractual obligations decline," a Vitol spokesperson said. Trading of all crude products will cease "by the end of 2022," the spokesperson added. Vitol's announcement comes after Oleg Ustenko, economic adviser to Ukrainian president ... (full story)