Swiss energy trading firm Gunvor stops new business operations in Russia
Follow-ups -eshrag News:
RIYADH: Swiss energy trading company Gunvor Group has announced that it has stopped conducting new business in Russia as a result of its invasion of Ukraine.
This comes as global sanctions on Russia have been steadily rising since the invasion in February.
“Gunvor is obliged to fulfill existing contracts, which are not sanctioned,” Bloomberg reported, citing the firm.
Russian products account for around 6 to 11 percent of Gunvor’s trading book over the span of the last five years.
In response to the hike in energy prices late last year, Gunvor has already applied stress testing and liquidity contingency measures.
This is expected to help the energy trading firm curb the rise in commodity costs as a result of the conflict.
Gunvor is one of the world’s top independent traders of liquified natural gas along with other energy related products.
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