Shell apologized for purchasing Russian crude oil last week and said it would withdraw completely from involvement with Russian hydrocarbons. Shell bought a cargo of Russian crude oil from Swiss trader Trafigura in S&P Global Platts window from Baltic ports at a low of minus $28.50 a barrel.
Shell said lat week it would exit all Russian operations, including Sakhalin 2 LNG plant which is has a 27.5% state and is 50% owned by Russian gas group Gazprom. BP also abandoned its 19.75% stake in Russian oil Rosneft. Shell said the supply chain shift could take weeks to complete and will cause reduced stores at some of its refineries. The US will move ahead with a ban on Russian oil imports without the participation of allies in Europe.
Read more: Shell to stop buying Russian crude oil, gas over Ukraine invasion
