Shell Plc will phase out all purchases of Russian oil and gas, with an immediate halt to crude deals on the short-term market, following international opprobrium over its dealings with the country.
“We are acutely aware that our decision last week to purchase a cargo of Russian crude oil” was wrong, the company said in a statement on Tuesday. “Our actions to date have been guided by continuous discussions with governments about the need to disentangle society from Russian energy flows.”
The invasion of Ukraine prompted a huge range of companies to withdraw from Russia, including energy giants BP Plc and Exxon Mobil Corp. Attention has now shifted to the country’s energy exports, a crucial source of revenue for President Vladimir Putin’s government.
In the US, key lawmakers announced the outline of bipartisan legislation to bar imports of Russian oil into the US European countries, which are more dependent on Russian crude, have so far shied away from a ban, but pressure is growing on companies that continue to receive the country’s energy exports.
Photo: Bloomberg
