UK-Dutch petroleum giant Shell announced on Tuesday its intention to gradually withdraw from all oil and gas projects in Russia, adding it will stop all spot purchases of Russian oil as a first step.
"Shell plc (Shell) today announced its intent to withdraw from its involvement in all Russian hydrocarbons, including crude oil, petroleum products, gas and liquefied natural gas (LNG) in a phased manner, aligned with new government guidance. 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," the company said in a statement.
The company said the supply chain change could take weeks to complete and will lead to reduced throughput at some of its refineries.
