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6 Mar, 2022 14:38

British energy giant apologizes for purchase of Russian discounted oil

Shell pledges to commit profits to humanitarian aid for Ukraine
British energy giant apologizes for purchase of Russian discounted oil

Europe’s largest energy company, Shell, announced plans to donate the profits from its latest purchase of Russian crude oil to a fund that helps Ukrainian refugees. The decision followed sharp criticism from Ukraine’s foreign minister Dmytro Kuleba over the move, however, it did not violate any Western sanctions.

“We will commit profits from the limited amount of Russian oil we have to purchase to a dedicated fund,” the company said in a statement, published via its official Twitter account.

“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,” Shell added.

On Friday, the oil major purchased 100,000 metric tons of flagship Urals crude from Russia. The deal was reportedly carried out at a record discount as many firms shunning Russian oil due to the latest development in Ukraine.

The company added that it had been in “intense talks with governments and continue to follow their guidance around this issue of security of supply, and are acutely aware we have to navigate this dilemma with the utmost care.”

“We will continue to choose alternatives to Russian oil wherever possible, but this cannot happen overnight because of how significant Russia is to global supply,” Shell added.

Earlier this week, Shell announced plans to exit its joint ventures with Russian state-run gas giant Gazprom and its related entities.

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