Mar 8, 2022 - Energy & Environment

Shell vows complete break with Russia

The exterior of the anglo-dutch oil and gas company Shell's refinery in Pernis, Netherlands.

Photo: Robin Utrecht/AFP via Getty Images

Shell said early Tuesday it will "withdraw from its involvement in all Russian hydrocarbons," including spot purchases of Russian crude oil.

Driving the news: The U.K.-based giant apologized for its recent buy of a Russian cargo at a steep discount.

What they're saying: "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," Shell CEO Ben van Beurden said in a statement.

  • "Our actions to date have been guided by continuous discussions with governments about the need to disentangle society from Russian energy flows, while maintaining energy supplies," he added.

Between the lines: After facing intense criticism for its purchase of Russian oil last week, Shell said it would donate the profits to a fund for charity toward Ukraine.

  • The company also announced it would end its partnerships with Russian energy company Gazprom.
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