Oil major Shell on Tuesday apologized for a buying a heavily discounted consignment of Russian oil last week, and announced it would gradually withdraw from its involvement in all Russian hydrocarbons, reported by CNBC.
On Friday, Shell purchased 100,000 metric tons of flagship Urals crude from Russia. It was reportedly bought at a record discount, with many firms shunning Russian oil due to Moscow’s unprovoked invasion of its neighbor. The purchase did not violate any Western sanctions.
“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,” it said in a statement.