Another giant plans to stop buying Russian crude Putin latest statement

The world's largest independent oil trader plans to stop buying Russian crude oil

CNN reported on April 14 that Vitor Energy Group, the world's largest independent oil trader, intends to completely stop trading Russian crude oil products
by the end of this year.
The Dutch energy company also said it would not be involved in any new Russian crude oil and product trading
.

Since the conflict between Russia and Ukraine, the United States, the United Kingdom, Canada and Australia have successively announced a ban on the import of Russian crude oil
.
A number of multinational companies, including Shell and Total Energies, have also said that they have stopped buying Russian crude oil products or will stop buying Russian crude products
by the end of 2022.
As sanctions mount, Russia's benchmark Urals crude oil is increasingly
discounted on the global commodity market.
Now it's priced at $
34 a barrel less than Brent crude.

The International Energy Agency estimated on April 13 that Russian crude oil production would be reduced by 1.
5 million barrels per day in April; As buyers continue to withdraw, Russia's crude oil could be reduced by up to 3 million barrels
per day from May.

Putin: The Russian foreign exchange market needs to be ready to switch to ruble export settlement

△ Russian President Putin's speech when he presided over a meeting with representatives of the oil and gas industry on the 14th (Image source: video screenshot)

On April 14, local time, Russian President Vladimir Putin said when presiding over a meeting with representatives of the oil and gas industry that one of the most serious problems brought by sanctions to the Russian energy industry is in terms of
export logistics.
On the issue of energy exports, Russia mainly wants to increase the proportion of local currency settlements, and Russia's foreign exchange market needs to be prepared to switch to ruble export settlements
.

Putin said Western attempts to replace Russia's energy supply will affect the global economy
.
A reasonable replacement for Russian gas in the European market is possible, but it is not feasible at the
moment.
Discussions in European countries about refusing to buy Russian energy can only lead to market instability and drive up civilian energy prices
.

Putin also stressed that it is necessary to ensure the stability of supply in the domestic energy market, increase supply and, where possible, lower prices
.
At the same time, Russia was instructed to shift energy exports from the West to the South and the East, and to prepare
for this in terms of infrastructure.