Global energy traders Trafigura and Vitol still help to export limited supplies of Russian refined products within the rules of international sanctions, but they are considering whether to resume more trade in Russia's oil, their CEOs said on Tuesday.
The two Swiss companies were among the largest lifters of Russian crude oil and refined products before the country's invasion of Ukraine last February.
The United States has been openly keen to make sure Russian oil flows continued after the EU embargo took effect on Dec. 5 to prevent price spikes, and has indicated that it views the trade under the G7 price cap mechanism as legal. "Less than 100,000 barrels per day of our traded volume now is Russian business. Will that move up with some slightly stronger guidance? Yes, maybe," Vitol CEO Russell Hardy told the summit.
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