Crude Collaborators: Who hasn't committed to stop buying Russian oil?
Friday April 15, 2022

Despite the global sanctions and widespread condemnation of Putin’s war on Ukraine, new analysis from the Stand Research Group (SRG) shows that the majority of Russia’s past foreign oil trading partners have not yet committed to stop buying the crude that funds Putin’s war machine.

Given that oil exports are over one-third of the Russian government’s revenue base, these companies – including ExxonMobil, Trafigura, and CNPC – are actively funding the continued atrocities in Ukraine. This analysis shows that unless something changes, Putin will likely still have the majority of his historically reliable oil money to continue this war for as long as he sees fit.

This proprietary research from Stand.earth Research Group (SRG) spotlights the dozens of oil companies that are continuing to buy Russian crude and using the convoluted nature of the global oil market to hide their involvement. The research into Russian export customs data from January to September 2021 reveals the complete list of 45 foreign-headquartered companies that actively traded or directly purchased Russian oil during that time period, and that the majority of those traders have yet to end their involvement.

U.S.-based companies such as ExxonMobil made public commitments to end their active operations in Russia, but they have not specifically committed to end oil trading, and have not said if foreign refineries, like ExxonMobil’s Rotterdam facility, are still importing Russian crude. This analysis shows that without further commitment, companies like Exxon are still complicit in the growing atrocities by continuing to fund Putin’s war machine.

Our Director of Research and Investigations, Greg Higgs, is available for comment and questions at greg@stand.earth.

You can interact directly with the data below or read the full report here.

 

Executive Summary

Researchers at Stand.earth Research Group analyzed Russian customs data to determine the names of foreign buyers of Russian oil and calculate their trading volumes in 2021, and compared this with commitments made by oil traders since the start of Russia’s invasion of Ukraine.

Some of the findings of this analysis:

  • The majority of international traders (78%) have not made any kind of commitment to move away from Russian oil. This represents 66.4% of the total historical trading volume, or the equivalent of about 3.5 million barrels of oil per day.
  • Only about one-fifth (22%) of the companies representing 33.6% of the historical trading volume have made some kind of a commitment. (note that not all of these are implemented yet or necessarily apply to all their purchases. For example, BP, Repsol and Switzerland-based Glencore are not canceling existing contracts)
  • By volume, China is the most egregious, with companies headquartered there representing 29.7% of the total historical trading volume. No Chinese company has made any kind of commitment to shift away from Russian oil. Singapore-headquartered companies follow at 15.4% of the total.
  • Switzerland has the highest concentration of foreign-owned Russian oil traders — 9 companies, of which only 2 have committed to stop trading Russian oil.
  • The top-10 traditional buyers without a current sourcing commitment are CNPC (China), Trafigura (Singapore), ExxonMobil (US), Marsa Energy Trading (UAE), Sinopec (China), Itochu (Japan), Mercuria (Switzerland), Petraco (Switzerland), Centrobalt (Estonia), and ChemChina / Sinochem (China).

 

Table 1. List of all oil traders that have made commitments, and the nature of their commitments

Company

Commitment

Type of commitment related to oil trading

Eneos

Stopped buying crude oil from Russia, while some cargoes signed under previous agreements will arrive in Japan until around April

Stopped

Eni

Suspending purchases of Russian oil. No Russian crude will be used at Germany's Bayernoil refinery, in which Eni and Rosneft have stakes.

Stopped

Equinor ASA

Stopped trading Russian oil as it winds down its operations in the country

Stopped

TotalEnergies SE

Stopped buying oil from Russia, although one of its land-locked refineries in Germany continues to receive Russian crude by pipeline

Stopped

Neste Corporation

The Finnish refiner has Russian oil contracts until the end of the year, but is not making any new supply agreements.

Will stop by end of 2022

Vitol

Vitol plans to wind down its activities involving Russian crude oil by the end of the year

Will stop by end of 2022

Shell plc

Will stop buying Russian crude and phase out its involvement in all Russian hydrocarbons

Will stop

Gunvor Group

Will fulfill existing contracts, but no new business is being done

No new deals, but will keep existing contracts

BP plc

Will not enter new deals with Russian entities for loading at Russian ports, unless “essential for ensuring security of supplies”

No new deals, but will keep existing contracts

Glencore

Will continue to honour its obligations under previously signed contracts, but will "not enter into any new trading business in respect of Russian origin commodities unless directed by the relevant government authorities"

No new deals, but will keep existing contracts

Repsol S.A.

Does not plan to enter into new deals to buy Russian crude.

No new deals

 

Table 2. Full list of all foreign-owned traders or direct buyers of Russian oil in January through September 2021

Customer / Trader

Company headquarters

Gross weight (metric tons, Jan-Sep ‘21)

Estimated Barrels (Jan-Sep ‘21)

BPD equivalent

Percent of total

CNPC

China

52,191,355

377,658,628

1,383,365

26.5%

Trafigura

Singapore

30,098,627

217,794,807

797,783

15.3%

TotalEnergies SE

France

19,778,995

143,121,555

524,255

10.1%

Glencore

Switzerland

12,791,202

92,557,622

339,039

6.5%

Shell plc

UK

12,694,381

91,857,020

336,473

6.5%

Gunvor Group

Switzerland

9,090,619

65,780,062

240,953

4.6%

ORLEN Group

Poland

6,807,817

49,261,622

180,446

3.5%

ExxonMobil

US

6,672,145

48,279,894

176,849

3.4%

Vitol

Netherlands

4,887,247

35,364,304

129,540

2.5%

Marsa Energy Trading

UAE

4,488,257

32,477,196

118,964

2.3%

Sinopec

China

4,144,887

29,992,559

109,863

2.1%

Itochu Corporation

Japan

3,072,181

22,230,418

81,430

1.6%

Mercuria

Switzerland

2,943,275

21,297,652

78,013

1.5%

Petraco Oil Company

Switzerland

2,795,023

20,224,894

74,084

1.4%

Eneos

Japan

2,490,679

18,022,650

66,017

1.3%

Centrobalt OÜ

Estonia

2,233,084

16,158,682

59,189

1.1%

ChemChina / Sinochem

China

2,024,950

14,652,617

53,673

1.0%

JAPEX

Japan

1,990,532

14,403,565

52,760

1.0%

Paramount Energy / Tenergy Trading

Switzerland

1,550,277

11,217,865

41,091

0.8%

BP plc

UK

1,526,127

11,043,110

40,451

0.8%

Repsol S.A.

Spain

1,304,976

9,442,859

34,589

0.7%

Marubeni

Japan

1,281,853

9,275,540

33,976

0.7%

SOCAR Trading

Azerbaijan

1,206,481

8,730,139

31,979

0.6%

Mitsui & Co. Ltd.

Japan

1,132,450

8,194,454

30,016

0.6%

Eni

Italy

978,352

7,079,394

25,932

0.5%

Wintel Petrochemicals

UK

844,334

6,109,635

22,380

0.4%

Grupa Lotos S.A.

Poland

817,292

5,913,956

21,663

0.4%

QR Trading DMCC

UAE

602,084

4,356,701

15,959

0.3%

Equinor ASA

Norway

589,362

4,264,644

15,621

0.3%

INPEX Corporation

Japan

586,092

4,240,984

15,535

0.3%

Chevron

US

499,795

3,616,534

13,247

0.3%

BB Energy Trading Ltd.

UK

451,645

3,268,122

11,971

0.2%

SK energy

South Korea

401,017

2,901,773

10,629

0.2%

Coral Energy

UAE

301,472

2,181,466

7,991

0.2%

Euronova Energies S.A.

Switzerland

301,222

2,179,656

7,984

0.2%

Atlantis Commodities Trading

Singapore

300,481

2,174,289

7,964

0.2%

Mangalore Refinery and Petrochemicals

India

298,347

2,158,848

7,908

0.2%

ALTEX Handel und Beratung GmbH

Germany

226,307

1,637,564

5,998

0.1%

Ipek SA

Switzerland

202,733

1,466,984

5,374

0.1%

Idemitsu Kosan Co. Ltd.

Japan

198,216

1,434,300

5,254

0.1%

ENOC

UAE

189,959

1,374,550

5,035

0.1%

Azzamenia Trading Limited

Cyprus

151,460

1,095,974

4,015

0.1%

Normeston Trading

Switzerland

71,652

518,477

1,899

0.0%

Alvari SA

Switzerland

8,691

62,890

230

0.0%

ING Bank

Netherlands

4,210

30,464

112

0.0%

 

Table 3. Full list of exporters of Russian oil to identified foreign-headquartered buyers in 2021

Exporter

Gross weight (metric tons, Jan-Sep ‘21)

Estimated Barrels (Jan-Sep ‘21)

BPD equivalent

Percent of total

Rosneft

103,497,182

748,909,539

2,743,258

52.6%

Surgutneftegas

38,804,286

280,789,290

1,028,532

19.7%

Gazprom

10,579,262

76,551,944

280,410

5.4%

Transneft

9,587,197

69,373,324

254,115

4.9%

Sakhalin Energy

8,142,309

58,918,055

215,817

4.1%

ExxonMobil

6,672,145

48,279,894

176,849

3.4%

Shell plc

4,633,872

33,530,875

122,824

2.4%

ONGC Videsh Limited

4,427,682

32,038,873

117,359

2.2%

Neftisa

4,188,213

30,306,069

111,011

2.1%

Zarubezhneft

2,983,355

21,587,668

79,076

1.5%

TotalEnergies SE

1,295,975

9,377,727

34,351

0.7%

Tatoilgaz

844,334

6,109,635

22,380

0.4%

Tatneft

202,733

1,466,984

5,374

0.1%

Region-neft

186,880

1,352,270

4,953

0.1%

Baitex

182,270

1,318,914

4,831

0.1%

Yukola Neft

151,460

1,095,974

4,015

0.1%

Russneft

100,761

729,111

2,671

0.1%

JSC Inga

94,753

685,635

2,511

0.0%

TsNPSEI LLC

47,907

346,656

1,270

0.0%

Kosyuneft LLC

47,630

344,650

1,262

0.0%

TK Klever LLC

39,427

285,294

1,045

0.0%

Ulyanovskneftegaz Oil

28,620

207,098

759

0.0%

Orenburgneft

28,358

205,199

752

0.0%

Neftus ZAO

21,087

152,590

559

0.0%

Kolvaneft CJSC

15,081

109,129

400

0.0%

Alvari SA

13,069

94,569

346

0.0%

Invest Trade LLC

5,405

39,112

143

0.0%