Top energy traders say they may resume business in Russia if sanctions are fully lifted, though they remain cautious about the timeline. Gunvor CEO Torbjörn Törnqvist stated that while they currently avoid gray areas, they would re-enter if restrictions are removed.Before Russia’s invasion of Ukraine, major Western commodity traders had strong ties with Russian producers and projects.
However, over the past three years, they have scaled back contracts and largely exited trading Russian oil and metals due to expanding US, UK, and EU sanctions.At the FT Commodities Global Summit, traders discussed the impact of Trump’s push to end the war. The US announced a Black Sea ceasefire, though Russia seeks sanctions relief.
Mercuria CEO Marco Dunand said the company would consider returning to Russia’s commodities sector if sanctions are lifted.Traders warn that a swift return of Russian commodities could take longer than expected, despite market speculation of increased flows lowering prices.
Trafigura CEO Richard Holtum said UK staff complicate a return if only US sanctions lift, while Vitol’s Russell Hardy stressed the complexity of ceasefire negotiations and regulatory uncertainty.”We believe it will take a year or two, so there’s no urgency within the organization to prepare,” he said. “However, I could be wrong, and it may happen sooner than expected.”
