Norway’s Equinor halt trading in Russian oil

Norway's Equinor said it will halt trading in Russian oil, and will not enter any new trades or engage in transport of oil and oil products from Russia.

“This is part of Equinor’s efforts to exit Russia and includes getting a full overview of all relevant aspects, including legal obligations,” said the company.

The company  said  it has certain contractual commitments due  to contracts they  have signed prior to the invasion. Some of these contracts were  signed in January 2022, under which Equinor will receive four oil cargoes in March.

Equinor said that two of these are sold to customers in Asia. Meanwhile, the third is a naphta cargo that will be delivered to an Equinor contracted storage facility. The fourth,  they said, is a feedstock cargo to be delivered at the Mongstad refinery in Norway.

“Equinor is continuing its work to exit Russia in a responsible way while ensuring compliance with all applicable laws, including sanctions,” the company said.