Equinor To Stop Trading In Russian Oil; Not To Transport Oil Products From Russia

(RTTNews) - Norwegian energy company Equinor ASA (EQNR) Tuesday said it will stop trading in Russian oil amid the Russian invasion of Ukraine. The company will not enter any new trades or engage in transport of oil and oil products from Russia.

The decision follows the company's recent announcement that it has started the process to exit its projects in Russia.

In late February, Equinor said that its board had decided to stop new investments into Russia, and to start the process of exiting Equinor's Russian Joint Ventures. Equinor has been in Russia for over 30 years and entered a cooperation agreement with Rosneft in 2012.

Equinor now said it has certain contractual commitments arising out of contracts entered into prior to the invasion. This includes contracts signed in January this year, under which Equinor will receive four oil cargoes in March. Receiving these cargoes is in full compliance with current sanctions.

Two of these cargoes 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.

In pre-market activity on the NYSE, Equinor shares were losing around 1.9 percent to trade at $31.46.