Trafigura freezes Russia investments, starts review on billion-dollar arctic oil project

Trafigura operates an office with a number of full-time staff in Ukraine. PHOTO: REUTERS
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SINGAPORE - Singapore-headquartered global commodities trader Trafigura announced late on Wednesday (March 2) that it has frozen its investments in Russia and will be reviewing its minority stake in a multibillion-dollar Russian arctic oil project backed by Russian President Vladimir Putin.

The company unequivocally condemned the war and violence in Ukraine and the unfolding humanitarian crisis, but stopped short of backing the recent slew of sanctions announced by the United States, Britain and the European Union.

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