In another blow to Putin’s reeling economy, Shell announced that they would stop buying Russian oil and gas.
In a statement, Shell announced:
Following government statements this week, I want to set out our position clearly. Unless directed by governments, we will:
- Immediately stop buying Russian crude oil on the spot market and we will not renew term contracts.
- At the same time, in close consultation with governments, we are changing our crude oil supply chain to remove Russian volumes. We will do this as fast as possible, but the physical location and availability of alternatives mean this could take weeks to complete and will lead to reduced throughput at some of our refineries.
- We will shut our service stations, aviation fuels and lubricants operations in Russia. We will consider very carefully the safest way to do this, but the process will start immediately.
- We will start our phased withdrawal from Russian petroleum products, pipeline gas and LNG. This is a complex challenge. Changing this part of the energy system will require concerted action by governments, energy suppliers and customers, and a transition to other energy supplies will take much longer.
With the Biden administration looking set to ban Russian oil imports to the United States, Putin is getting hit hard where it hurts.
The world will face higher gas prices for a while, but the degree of unity being shown against the Russian invasion of Ukraine is heartening. If the Russian economy collapses and Russia can’t sell its energy exports, the pressure will be immense on Putin to end the invasion.
The needless death and bloodshed in Ukraine are all on Putin, so is the suffering brought on the Russian people by his decision to invade a neighboring democracy.
Awards and Professional Memberships
Member of the Society of Professional Journalists and The American Political Science Association
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