NewsNationalRussia-Ukraine-Conflict

Shell says it will stop buying Russian oil and natural gas, shut down service stations in country

Shell gas
Posted at 7:12 AM, Mar 08, 2022
and last updated 2022-03-08 07:12:30-05

LONDON — Shell says it will stop buying Russian oil and natural gas. The energy giant also said Tuesday that it would shut down its service stations and other operations in the country amid international pressure for companies to sever ties over the invasion of Ukraine.

Shell says in a statement that it would withdraw from all Russian hydrocarbons, including crude oil, petroleum products, natural gas and liquefied natural gas, "in a phased manner."

"These societal challenges highlight the dilemma between putting pressure on the Russian government over its atrocities in Ukraine and ensuring stable, secure energy supplies across Europe," Shell CEO Ban van Beurden said in a statement. "But ultimately, it is for governments to decide on the incredibly difficult trade-offs that must be made during the war in Ukraine. We will continue to work with them to help manage the potential impacts on the security of energy supplies, particularly in Europe.

The decision comes just days after Ukraine's foreign minister criticized Shell for continuing to buy Russian oil, lashing out at the company for continuing to do business with President Vladimir Putin's government.

It's unclear what effect Shell's move will have on global gas prices. GasBuddy reported Monday that prices had hit an all-time high in the U.S. at an average of more than $4.10 a gallon.