Top U.S. Buyer of Russian Oil Among Those Halting Purchases

(Bloomberg) -- More U.S. refiners are turning away from Russian oil as the European superpower continues its assault on Ukraine.

Monroe Energy LLC, the third largest U.S. importer of Russian crude, said Tuesday it would not enter into new supply deals “for the foreseeable future,” becoming the latest refiner to eschew oil from the nation. Par Pacific Holdings Inc., which runs a refinery in Hawaii and bought 6.9 million barrels of Russian crude last year, also said it would not enter into new commitments though, like Monroe, it will still receive previously contracted purchases. They join other U.S. fuelmakers who were already quietly shifting away from Russian imports even before war broke out.

While Russian crude comprises a small fraction of U.S. imports -- about 3% in 2021 -- shipments rose last year, reaching the highest level in a decade. The de-facto embargo on purchases puts more pressure on an already tight oil market that has seen benchmark prices spike to the highest level since 2011.

European oil major Shell Plc is one company that has bucked the trend, continuing to purchase Russian oil, according to a person familiar with the matter. The company operates one refinery in the U.S., in Louisiana.

READ MORE: Russia Oil Shunned Even Without Sanctions, Sparking Supply Panic

Marathon Petroleum Corp., the biggest U.S. buyer of Russian crude, declined to comment on whether it would halt purchases. The other top buyers -- Valero Energy Corp., PBF Energy and Motiva Enterprises LLC didn't respond to requests for comment. Phillips 66, which purchased 3.8 million barrels of Russian oil last year, declined to comment while Chevron Corp., which imported about 4 million barrels to its California refineries in 2021, said it was “monitoring developments.”