The world's largest independent oil trader Vitol Group intends to completely stop trading in oil and oil products of Russian origin by the end of this year, Bloomberg reports..

Oil volumes will fall this quarter and stop by the end of the year as current contractual obligations decrease. The company is not going to conclude new deals with Russia.

The announcement to phase out cooperation with Russia comes after an adviser to Ukrainian President Volodymyr Zelenskiy wrote to Vitol executives and other traders asking them to stop doing business with the Russian fossil fuel industry in order not to support the cash flows that finance Russia's invasion of Ukraine..

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Due to the fact that Russia unleashed a full-scale war against Ukraine, Russian oil was abandoned, in particular, by the United States.

British Prime Minister Boris Johnson has repeatedly called for the elimination of dependence on Russian gas and oil: he believes that Russia allows itself to attack other countries, because it is sure that Western countries depend on its oil and gas and will not be able to normally resist its actions. To reduce dependence on Russian gas, Germany agreed to cooperate in the energy sector with Qatar.

In the second half of March, four of the world's largest oilfield services companies exited the Russian market: Halliburton, Schlumberger, Baker Hughes and Weatherford.