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Russian Oil: New Traders Flourish as Western Firms Exit
One year since Russia invaded Ukraine in February 2022, trading of the country’s oil has changed beyond recognition. The traditional players that used to dominate the trade have dropped out, possibly for good. They have been largely replaced by a new set of mostly obscure firms domiciled in Dubai and Hong Kong, some of which were set up only last year. The first companies to withdraw from the Russian trading scene were majors such as BP, Shell and Equinor, that for several years had been buying barrels direct from big Russian producers such as Rosneft, Gazprom Neft and Surgutneftegas. Next were leading Western ... (full story)