Equinor ceases Russian oil trade
Norway's Equinor announced on March 14 it would stop trading in Russian oil, two weeks after committing to withdraw from Russia's upstream sector in light of Moscow's invasion of Ukraine.
Equinor said it would review its legal obligations, noting that it has certain contractual commitments under contracts it entered into before the invasion. These include contracts signed in January this year, under which Equinor to due to receive four Russian oil and oil product cargoes this month. Two have been sold to customers in Asia, while a third naphtha shipment is due to be delivered to an Equinor storage facility. A fourth will be sent to the Mongstad refinery in Norway.
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"Receiving these cargoes is in full compliance with current sanctions," Equinor said. The company "is continuing its work to exit Russia in a responsible way while ensuring compliance with all applicable laws, including sanctions," it said.