Vitol and Gunvor, two of the world’s largest independent energy traders, remain significant buyers of refined oil from Russia more than a year after both companies pledged to drastically reduce their business with Moscow following Vladimir Putin’s full-scale invasion of Ukraine.
Analysis of export records filed with Russian customs in the first four months of 2023 show that both companies were among the top-10 buyers of refined products, such as petrol and diesel.
Switzerland-headquartered Gunvor was the eighth-largest buyer by value, shipping 1mn tonnes of petroleum products worth about $540mn, according to the data reviewed by the Financial Times. Vitol, whose top executives largely sit in London and Geneva, was the 10th-largest buyer, shipping about 600,00 tonnes worth about $400mn, according to the data.