(Bloomberg) -- Energy trading house Gunvor Group has stopped conducting new business in Russia, the company said.
It's the first public statement on the matter from Gunvor, which is one of the world's top independent traders of liquefied natural gas and other energy products.
Since the February invasion of Ukraine, international sanctions on Russia and self-imposed restrictions related to the country from banks, shipping companies and others have made it difficult for traders and other buyers of Russian commodities to get cargoes.
“Gunvor is obliged to fulfill existing contracts, which are not sanctioned,” but no new business is being done, it said in the statement on the Irish Stock Exchange Monday. Russia-origin products constitute a relatively small portion of Gunvor's activity, making up 6-11% of its trading book over the past five years, it said.
The war in Ukraine and its impact on supplies of everything from energy to metals and agricultural products have pushed commodity prices higher almost across the board. Gunvor said it had already put stress-testing and liquidity contingency measures in place following the events of last year when energy prices spiked and firms faced massive calls for collateral to guarantee their trades.
“In response to recent market changes, Gunvor has adjusted its trading volumes of liquefied natural gas accordingly,” it cited as one example of its risk monitoring.
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