Norwegian Energy Firm Equinor Confirms Halt in Trading in, Transporting Russian Oil

MOSCOW (Sputnik) - Norwegian energy company Equinor, which had been present in Russia for over 30 years, confirmed that it would stop trading in and transporting Russian oil and oil products amid the country's military operation in Ukraine.

"Following the announcement that Equinor has started the process to exit its projects in Russia, a decision has been made that Equinor will also stop trading in Russian oil. This means that Equinor will not enter any new trades or engage in transport of oil and oil products from Russia," the company said in a statement on Monday.

In addition, Equinor pledged to review all aspects of cooperation with Russia, including legal obligations. At the moment, the company has certain commitments under agreements concluded before the beginning of Russia's military operation in Ukraine.

"This includes contracts signed in January this year, under which Equinor will receive four oil cargoes in March. Two of these are sold on to customers in Asia. The third is a naphta cargo that will be delivered to an Equinor contracted storage facility. The fourth is a feedstock cargo to be delivered at the Mongstad refinery in Norway," the company specified.

Equinor added that it would receive cargoes under these contracts in compliance with Western sanctions recently imposed on Russia.

On 28 February, the company decided to cease new investments into Russian business and exit all Russian joint ventures.

Russia began its military operation in Ukraine on 24 February, responding to calls for help from the breakaway republics of Donetsk and Lugansk. The United States and its allies responded by imposing comprehensive sanctions against Russia, while many Western companies decided to leave the country's market.