Reuters exclusively reports Rosneft replaces sanctioned trading arm with new one

Reuters exclusively reported that Russia’s Rosnef, which closed its oil trading arm after sanctions were imposed by U.S. authorities in February, has set up a new Geneva-based trading business. The new business, Energopole SA, will take on the main functions previously carried out by Rosneft Trading of supplying Russian oil giant Rosneft’s refineries in Germany and some trading operations in Europe. Rosneft Trading was sanctioned for trading with Venezuela and Swiss-based Energopole does not plan to do any business with the South American country, Reuters sources said.