LONDON: Energy giant Shell said on Tuesday it will withdraw from Russian gas and oil and immediately stop purchases of its crude, citing the country’s ongoing invasion of Ukraine.
The company also apologised for buying a cargo of Russian oil last week, adding that it should not have happened.
“Shell today announced its intent to withdraw from its involvement in all Russian hydrocarbons, including crude oil, petroleum products, gas and liquefied natural gas in a phased manner, aligned with new (UK) government guidance,” it said in a statement.
“As an immediate first step, the company will stop all spot purchases of Russian crude oil.” The group will also shut its service stations, aviation fuels and lubricants operations in Russia.
A wide-range of international companies have stopped doing business in Russia since President Vladimir Putin ordered the invasion of Ukraine late last month.
The United States said it was in talks with allies about banning oil imports from Russia, but Germany and other European nations have balked at the idea as the continent is highly dependent on Russian crude and gas.
British Prime Minister Boris Johnson stated Monday that it was “the right thing to do” to move away from Russian hydrocarbons — but called for a gradual “step by step” approach.
Shell came under fire last week after it bought a shipment Russian oil at a vast discount, despite international outcry over the assault on Ukraine.
Published in Dawn, March 9th, 2022
