Norway's Equinor to stop trading in Russian oil

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Following the announcement that it has begun the process of exiting its projects in Russia, Norwegian state-owned energy company Equinor has made a decision also to 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, as part of the company's efforts to exit the country.

The company still has some contractual commitments arising out of contracts entered into prior to the invasion. These includes contracts signed in January this year, under which Equinor will receive four oil cargoes in March.

Two of these are to be sold 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.

Read more: Equinor bets on batteries with Noriker investment

Receiving these cargoes is in full compliance with current sanctions. Equinor is continuing its work to exit Russia in a responsible way while ensuring compliance with all applicable laws, including sanctions. 

“We are all deeply troubled by the invasion of Ukraine, which represents a terrible setback for the world, and we are thinking of all those who are suffering because of the military action,” said Anders Opedal, President and CEO of Equinor in a statement. 

Read more: Equinor unveils plans for "near-zero" emissions by 2050

Equinor (then-Statoil) entered Russia in the 1990s when it acquired stakes in the Kharyaga onshore oil field in the Nenets Autonomous Okrug. In 2012, the Norwegian oil company signed a strategic joint-venture cooperation with Rosneft. By the end of 2021, the Norwegian oil major had non-current assets in Russia worth $1.2 billion.

In light of recent events, the company announced two weeks ago that it would stop new investments into its Russian business, and will start the process of exiting its joint ventures.

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