Shell purchases cheap Russian crude oil, issues apology

Shell purchases 100,000 metric tons of Russia's hallmark Urals crude on Friday (March 4). It was reportedly bought at a record discount, with Russian oil being banned after Moscow’s unprovoked invasion of Ukraine. Shell claimed the company was forced to buy oil from Russia in order to maintain fuel supply for Europe. On Tuesday (March 8), Shell apologized for purchasing a heavily discounted consignment of Russian oil and announced its withdrawal from any business with Russia. "We didn't take this decision lightly and we understand the strength of feeling around it,” Shell stated. In a statement, Shell announced that “As an immediate first step, the company will stop all spot purchases of Russian crude oil. It will also shut its service stations, aviation fuels, and lubricants operations in Russia.” Shell also stated that the company will find alternatives to Russian oil "wherever possible," and that proceeds from Russian oil will go to a special fund to aid Ukrainians. The company faced heavy criticism for the purchase, particularly from Ukraine's Foreign Minister Dmytro Kuleba, who has urged businesses to break all connections with Russia. The Ukrainian Minister tweeted, "Doesn't Russian oil smell Ukrainian blood for you?" Western countries have not yet imposed any restrictions on Russian oil imports, believing that doing so would drive up the already record-high energy costs around the world. However, US Secretary of State Antony Blinken announced on Sunday that the US is having "active conversations" with European partners about prohibiting Russian oil while preserving a "stable global supply." Russia is the world's second-largest crude oil producer, supplying nearly a third of Europe's needs. BKM/ Expat Media
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