Shell has said that it would no longer purchase Russian crude oil and has issued an apology.1 min read
Shell apologized on Tuesday for buying Russian crude oil last week and said it will end any participation with Russian hydrocarbons as a result of the country’s invasion of Ukraine.
All of the British energy giant’s Russian businesses will be shut down, including the flagship Sakhalin 2 LNG project, in which it owns a 27.5 percent share and which is 50% owned by Russian gas giant Gazprom. Traders claimed on Friday that Shell purchased a shipment of Russian crude oil from Swiss broker Trafigura in the S&P Global Platts market shipping from Baltic ports for a record low of dated Brent minus $28.50 a barrel. However, it was one of the few Western firms to continue importing crude oil from Russia during the Ukraine crisis.