(Reuters) Leading global trading houses will reportedly cut purchases of crude from Russia’s state-led oil companies from May 15.
The reported move comes as the trading companies seek to comply with language in existing EU sanctions that sought to limit the access of Moscow to the international financial system.
Although the EU is yet to impose a ban on Russian oil, the wording of EU sanctions exempts crude buys from Rosneft or Gazpromneft, unless “strictly necessary.”
Trafigura, one of the Russian oil buyers, has already confirmed that it will comply with the applicable sanctions and expects to cut its traded volumes from May 15.
The move happened even as the International Energy Agency warned that oil supply from Russia could fall by 3 million bpd next month.
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