Shell is scrapping all purchases of Russian oil and gas following a backlash over its decision to buy energy from the Kremlin last week.
The FTSE 100 behemoth said it would halt spot purchases of Russian crude oil immediately and begin a phased withdrawal from all other types of energy. It will also shut its service stations, aviation fuels and lubricants operations in Russia.
Shell came under fire last week when it snapped up Russian oil at a heavily-discounted price, even as many traders shunned energy from Moscow in response to the invasion of Ukraine.
The company apologised for the move and said it will commit all profits from the remaining Russian oil it holds to a dedicated fund to support Ukraine.
10:45 AM
Shell cuts ties with Russia
Shell’s decision to snap up Russian oil at a discount didn’t go down well last…
