Monjasa Halts All Russia-Related Business Including Russian Oil Purchases

Monjasa has suspended all Russia-related business. File Image / Pixabay

Global bunker supplier and trader Monjasa has halted all Russia-related business in response to the war in Ukraine, including stopping buying oil originating in the country.

The firm stopped all business with Russia as of February 25, a company representative told Ship & Bunker by email on Thursday.

"Monjasa is deeply concerned about the ever-evolving Russia-Ukraine crisis and we are closely following the situation and the international sanctions imposed on Russia by multiple governments and supranational bodies," the representative said.

"It remains vital for Monjasa to align with international sanctions and we will continue to observe and navigate the Russia-Ukraine crisis developments and review our market response accordingly."

The company has taken the following measures, according to the representative:

• Monjasa has suspended trading activities with customers and suppliers in all Russian ports
• Monjasa has suspended trading and supplies with Russian-flagged vessels, Russian registered companies and companies and individuals with ties or affiliation to Russian ownership
• Monjasa has implemented restrictive measures on vessels destined to call or have called Russian ports within a 30-day period. Vessels deployed for humanitarian purposes are exempted
• Monjasa has suspended purchase of oil products of Russian origin for further redistribution across our global logistics comprising 25 vessels

The company's response is the most wide-ranging seen from the bunker industry thus far in the Ukraine crisis. The fourth point, on refraining from buying oil of Russian origin, will be of particular significance, as Russian fuel oil is exported across the world and plays a large role in global bunker markets.

Monjasa will need to decide the detail of how it defines oil of Russian origin -- whether it would count products refined in other countries from Russian crude, for example, or products blended partly from Russian fuel oil and partly from other sources.