New, small oil trading companies are replacing the commodity majors that are suspending their business relations with Russia amid Western sanctions against Moscow. Bloomberg reports that there are some legacy traders still exporting Russian crude, as well as several smaller players and a few new entrants into the field.
The biggest Russian oil trader right now is Lukoil’s Litasco, based in Switzerland, which exported at least 14 million barrels of Russian crude last month and some 8.6 million barrels since the start of May. In Asia, too,…Hungary Says Complying With Russia Oil Ban Would Cost It $811 Million
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