Shell announced on March 8 that it would stop buying Russian oil and natural gas.
Shell said it would immediately stop all purchases of Russian crude oil and close many of its businesses in Russia, including all gas stations.
Shell is also planning to remove Russian gas from its supply chain, which could take weeks and will phase out Russian petroleum products other than crude oil.
Shell CEO Ben Van Baden said the company’s recent decision to purchase Russian crude oil shipments was “not appropriate. I’m sorry.”
Shell has already ended its involvement in Nord Stream 2, a pipeline from Russia to Germany, and has been working to end partnerships with Russian companies such as Gazprom. It also promises to send the profits from the remaining Russian oil to be processed to a “dedicated fund”, ultimately helping Ukrainians suffering from Russia’s invasion of its own country.
“Our actions to date have been guided by ongoing discussions with the government on the need to unleash society from Russia’s energy flow while maintaining energy supply,” Van Baden said in a statement. I mentioned in.
“These social challenges highlight the dilemma between putting pressure on the Russian government on atrocities in Ukraine and ensuring a stable and safe energy supply across Europe. In short, it is the government that decides the incredibly difficult trade-offs that must be made during the war in Ukraine. We will continue to work with them, especially the potential for energy supply security in Europe. We will support the management of the impact.
Shell is based in the United Kingdom.
The Shell move arises because many Western nations are considering banning Russia’s oil and gas as a way to punish the country for its invasion of Ukraine.
British Prime Minister Boris Johnson told reporters on Monday that all options were being considered when asked about possible bans.
Meanwhile, the White House said some members of Congress have already worked to enact a ban, but have not yet made a decision.
The bill banning the import of Russian oil and similar products “will send Putin a clear message that his war is unacceptable and the United States stands firmly in our NATO allies.” And Houseways & Means Chairman Richard Neal (Republican), Panel Top Republican Kevin Brady (R-Texas), Senate Finance Chairman Ron Wyden (D-Ole), and Finance Committee Ranking Member Mike. Senator Klapo (R-Aidaho) said in a joint statement.
Russian officials warned this week that a ban on Russian goods would further increase the price of oil, which has already risen.
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Zachary Stieber covers US and world news. He is based in Maryland.