BREAKING: Shell says it will stop buying Russian oil and natural gas as well as shut down its service stations and other operations in the country amid international pressure for companies to sever ties over Moscow's invasion of Ukraine.
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., Britain and the European Union have imposed tough economic sanctions on Russia, they have stopped short of banning oil and gas imports from Russia because of concerns about the impact that would have on global energy supplies.
Ukraine and its supporters have called on countries around the world to stop buying Russian oil to restrict funding for Putin’s military exploits. But that is certain to affect consumers.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.
“These societal challenges highlight the dilemma between putting pressure on the Russian government over its atrocities in Ukraine andHe said Shell would work with governments “to help manage the potential impacts on the security of energy supplies, particularly in Europe.″