Shell to stop buying Russian oil, natural gas

Shell said on Tuesday that it will stop purchasing Russian oil and natural gas, following backlash over its decision to purchase a cargo of Russian crude oil.

Shell “announced its intent to withdraw from its involvement in all Russian hydrocarbons, including crude oil, petroleum products, gas and liquefied natural gas… in a phased manner, aligned with new government guidance.”

“As an immediate first step, the company will stop all spot purchases of Russian crude oil,” it said.

The company added that it “will also shut its service stations, aviation fuels and lubricants operations in Russia.”

The Dutch-based company also pledged to put any profits from the purchase of Russian oil into a special fund to assist Ukrainians.

Shell’s decision comes after Ukrainian Foreign Minister Dmytro Kuleba published a letter on Twitter Tuesday asking companies to stand alongside Ukrainians and suspend operations with Russia. 

“I call on you and your organization to join the ethically and socially responsible global businesses, which have already stopped or suspended operations with or in the Russian Federation, refusing to finance Russian violence, murders, and crimes against humanity with their taxes,” Kuleba wrote in his letter.

The Ukrainian foreign minister also beseeched companies to aid Ukraine in its fight against the Russian invasion.

Kuleba said on Saturday morning that he was made aware of Shell “discretely” purchasing oil from Russia.

“One question to @Shell: doesn’t Russian oil smell Ukrainian blood for you?” Kuleba tweeted. “I call on all conscious people around the globe to demand multinational companies to cut all business ties with Russia.”

Russia is the globe’s third-largest producer of oil after the U.S. and Saudi Arabia. It produces approximately 10 percent of the world’s oil supply.

In the U.S., support for banning Russian energy imports is growing in both political parties over Moscow’s invasion of Ukraine. The White House has said the topic is under discussion.