Shell apologizes for buying Russian oil; announces phased withdrawal
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Shell’s logo can be seen in front of the Shell gas station, July 30, 2020 in San Rafael. Royal Dutch Shell posted adjusted earnings of $638 Million for the second quarter, compared with a net profit $3.5 Billion one year ago.
Justin Sullivan | Getty Images
Oil major ShellTuesday’s apology for purchasing Russian oil on a very low price last week was repaid and the announcement that it will be withdrawing its participation in Russian hydrocarbons.
The company has already stopped all spot oil purchases from Russia. The company also announced that it will shut down its Russian service stations and aviation fuels.
Shell has purchased from Russia 100,000 metric tonnes of the flagship Urals crude on Friday. It was reportedly bought at a record discountMany companies are now refusing to use Russian oil because of its high price. Moscow’s unprovoked invasion of its neighbor. There were no Western sanctions against the purchase.
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