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Shell to put profits from Russian oil trade into Ukraine aid fund -Breaking


© Reuters. FILE PHOTO – The Royal Dutch Shell logo can be seen in a Shell station in London on January 31, 2008. REUTERS/Toby Melville/File Photograph

Ron Bousso

LONDON (Reuters] – Royal Dutch Shell, an oil major, announced Saturday that it will use any Russian oil its company purchases to fund humanitarian assistance for Ukraine.

Shell purchased a Russian cargo on Friday at an unprecedented low price. This was the first such deal since Russia invaded Ukraine last Thursday.

Dmytro Kuleba, Ukraine’s foreign minister, criticized the deal as it did not breach Western sanctions against Moscow.

“I was informed that Shell quietly purchased Russian oil yesterday. Kuleba tweeted, “Russian oil doesn’t smell (of Ukrainian blood) for you?”

Shell issued a statement shortly after the sale and stated that it will choose alternative oil sources whenever possible. However, this cannot happen overnight due to Russia’s importance to world supply.

The statement added, “We took this decision seriously and understand the power of feelings around it.”

Shell claimed that any profit from Russian oil purchased would be given to a fund. This fund would then, along with other aid agencies, decide how to best help the victims of hardship in Ukraine.

Russian exporters are facing severe credit, shipping, and insurance problems in the last few days, which has led to delays in finding buyers for Russian crude.

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