Remorseful Shell Abandons Russian Oil for Good

“We are acutely aware that our decision last week to purchase a cargo of Russian crude oil ... was not the right one and we are sorry,” Shell CEO Ben van Beurden said.

Reuters

Shell Plc stopped buying Russian crude on March 8 and said it would phase out its involvement in all Russian hydrocarbons from oil to natural gas over Ukraine, becoming one of the first major Western oil companies to abandon Russia entirely.

While Russian crude and gas has been exempt so far from Western sanctions, oil soared above $139/bbl on March 7 to its highest since July 2008 as the U.S. and European allies began to consider banning Russian oil imports.

U.S. lawmakers have called for bans but President Joe Biden’s administration has only sanctioned Russian oil tankers. Britain and Canada have also barred Russian vessels from landing at their ports in protest at Moscow’s invasion of Ukraine.

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