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Shell to stop all spot purchases of Russian crude oil

Shell announced that it will stop all spot purchases of Russian crude oil, shut its service stations, aviation fuels, and lubricants operations in Russia. This was aligned with the new government guidance that the company intends to withdraw from its involvement in all Russian oil and gas.


Shell CEO Ben van Beurden said, “We are acutely aware that our decisions last week to purchase a cargo of Russian crude oil to be refined into products like petrol and diesel, despite being made with security supplies at the forefront of our thinking was not the right one and we are sorry. As we have already said, we will commit profits from the limited, remaining amounts of Russian oil, we will process to humanitarian agencies over the coming days and weeks to determine where the monies from this fund are best placed to alleviate the terrible consequence that this war is having on the people of Ukraine”.


The company has set out its position unless directed by governments they will immediately stop buying Russian crude oil on the spot market and they will not renew term contracts. They will start their phased withdrawal from Russian petroleum products, pipelines gas, and LNG. They will shut their service stations, aviation fuels, and lubricants operations in Russia. They will change their crude oil supply chain to remove Russian volumes.


The announcement made by Shell to stop buying oil and gas from Russia comes when the company announced that they bought a cargo of Russian crude oil on a cut-price discount amidst the ongoing tensions between Russia and Ukraine. The company has faced criticism from governments officials and the public.


Ukraine’s Foreign Minister said in a tweet, “I am told that Shell bought some Russian oil yesterday. One question to Shell: doesn’t Russian oil smell Ukrainian blood for you? I call on all conscious people around the globe to demand multinational companies to cut all business ties with Russia.”


 


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