Shell "To Stop Purchasing Russian Oil... Severing All Ties" (Update)

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Hyunwoo Lee] The international oil major Shell has announced that it will halt all purchases of Russian oil and terminate its cooperative relationships. This move is interpreted as a response to the strengthening international sanctions against Russia and the growing criticism over Russia's invasion of Ukraine.

According to CNBC on the 8th (local time), Shell stated in a press release, "We will immediately stop all purchases of Russian crude oil and will gradually cease buying gasoline, aviation fuel, and lubricants in the future," adding, "We will also terminate all cooperative relationships with Russia."

Last week, Shell faced international criticism for purchasing 100,000 tons of Russian oil, which had dropped in price due to sanctions against Russia. Ben van Beurden, Shell's CEO, apologized at a press conference, saying, "Our company purchased Russian crude oil last week, and that was not the right thing to do."

Shell's purchase of Russian oil was revealed by Ukraine's Foreign Minister Dmytro Kuleba. In an interview with CNBC last week, Minister Kuleba harshly criticized, saying, "There is evidence that some oil companies are still trading with Russia," and added, "The world will judge them accordingly, and history will judge them accordingly."

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