Equinor has confirmed that it will stop trading in Russian oil as the company shuts down its operations in the country.
The Norwegian oil giant said last month that it would exit its “untenable” joint ventures in Russia following the invasion of Ukraine.
It has now confirmed that Equinor will also stop trading Russian oil and oil products.
Equinor will not enter any new trades or engage in transport of oil from Russia, following similar steps from Shell, BP, TotalEnergies and ENI in stopping purchases from Russia.
However, it said it has contractual agreements in place prior to the invasion, including a deal signed in January under which Equinor will receive four oil cargoes in March.
Receiving these is “in full compliance with current sanctions” the company said.
Equinor anticipates a $1.2bn writedown of its assets in Russia, which includes an interest in the Kharyaga field near the Arctic Circle, and several other projects in partnership with Rosneft.
The work accounts for around 25,000 barrels of oil equivalent per day to Equinor, which has 70 employees in-country.
CEO Anders Opedal said last month that the firm is “deeply troubled” by the invasion of the Ukraine which “represents a terrible setback for the world”.
