Shell Apologizes for Buying Russian Oil Amid Ukraine Invasion, Says They’ll Stop Energy Purchases

Photo by Justin Sullivan/Getty Images

Shell issued an apologetic statement for their recent purchases from Russia while announcing a promise to phase Russian oil and gas out of their business dealings.

CNBC reports that Shell purchased 100,000 metric tons of Russian crude at a discounted price last week. This didn’t violate any sanctions on Russia at the time and Shell defended the purchase as necessary to meet European energy demands, though the purchase was widely condemned as Russia continues its attack on Ukraine.

“Doesn’t Russian oil smell [like] Ukrainian blood for you?” said Ukrainian Foreign Minister Dmytro Kuleba.

I am told that Shell discretely bought some Russian oil yesterday. One question to @Shell: doesn’t Russian oil smell Ukrainian blood for you? I call on all conscious people around the globe to demand multinational companies to cut all business ties with Russia.

— Dmytro Kuleba (@DmytroKuleba) March 5, 2022

On Tuesday, Shell CEO Ben van Beurden released a statement saying the company made the wrong decision by buying Russian oil. He continued to say Shell will halt Russian crude oil purchases, shut down their service stations in Russia, and launch a phased withdrawal from Russian petroleum products, pipeline gas, and liquefied natural gas.

“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,” van Beurden said. “As we have already said, we will commit profits from the limited, remaining amounts of Russian oil we will process to a dedicated fund. We will work with aid partners and humanitarian agencies over the coming days and weeks to determine where the monies from this fund are best placed to alleviate the terrible consequences that this war is having on the people of Ukraine.”

The development comes as Russia grows increasingly isolated from the global financial system between international sanctions and how many businesses have cut off service with the nation. This adds to the devastation Russia has already seen to its economy.

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