The decision comes as surging oil prices have been rattling global markets.
and days after Ukraine’s foreign minister criticized Shell for continuing to buy Russian oil, lashing out at the company for continuing to do business with President Vladimir Putin’s government.“We are acutely aware that our decision last week to purchase a cargo of Russian crude oil to be refined into products like petrol and diesel — despite being made with security of supplies at the forefront of our thinking — was not the right one and we are sorry,” CEO Ben van Beurden said.
He said profits from the company’s “limited, remaining amounts of Russian oil” would go to a fund for relief efforts for Ukrainians. Ukrainian Foreign Minister Dmytro Kuleba said he had been told Shell “discreetly” bought the oil Friday and appealed to the public to pressure the company and other international firms to halt such purchases.“One question to Shell: doesn’t Russian oil smell Ukrainian blood for you?” Kuleba said on Twitter. “I call on all conscious people around the globe to demand multinational companies to cut all business ties with Russia.”end its joint ventures with GazpromWhile the U.S.
A month ago, oil was selling for about $90 a barrel. Now, prices are surging past $120 a barrel as buyers shun Russian crude, with many refiners fearing that sanctions could be imposed in the future. They worry about being left with oil they couldn’t resell as gasoline if sanctions were imposed in the near future.
“These societal challenges highlight the dilemma between putting pressure on the Russian government over its atrocities in Ukraine and ensuringHe said Shell would work with governments “to help manage the potential impacts on the security of energy supplies, particularly in Europe.’’