In Lausanne, Switzerland, top executives of leading trading companies discussed the slow and cautious prospects of sanctions being lifted on Russian energy, indicating minimal immediate impact on global oil and gas markets beyond Asia. The heads of Vitol, Mercuria, Trafigura, and Gunvor expressed wariness about resuming trade with Russia, acknowledging a potential shift in the industry's stance following changes in U.S. policies towards Russia and Ukraine. While some suggested a timeline of a year or two for Europe to ease sanctions, the uncertainty remains high, with varying opinions on which regions might ease restrictions first. The possibility of Russia adopting a different trading approach post the 2022 Ukraine invasion was also discussed, with a focus on rebuilding access to international banking systems. Overall, the trading houses remain cautious but open to the idea of dealing with Russian energy in the future.