Litasco Shunned by Banks, Traders as Russia Sanctions Hit Home

Geneva-based oil trader Litasco is already feeling the impact of Russia sanctions: it’s been shunned by banks and other commodity dealers and staff are considering quitting.

People familiar with the matter described how Litasco’s payment and shipment operations have been severely restricted by recent US and UK sanctions, while at least some employees are mulling leaving. Separately, a recent tender document from Egyptian General Petroleum Corp. gives new insight into how Litasco is becoming ostracized by other oil traders.