Global commodities giant Trafigura confirmed today that it will stop all crude oil purchases from Russian state-backed Rosneft by May 15th. It is the latest commodities trader to cut ties with the crude oil exporter amidst mounting pressure to cut off Russia’s oil revenue due to the war in Ukraine. Initially, Trafigura had stated that it would only continue with existing contracts and not sign new deals with Rosneft. However, it faced backlash for still continuing to trade Russian commodities and thereby funding Russia’s war with Ukraine. The Swiss commodities trader handles about 25% of the world’s oil each day. Other companies to cut off ties with Russian commodities traders include energy giants like BP, ENI (Italy), Equinor (Norway) and Shell. Trafigura’s competitor, Vitol group, stated it will cease crude oil and refined products from Russia by the end of this year. May 15th is the European Union’s deadline […]