Shell to Withdraw from Russian Oil and Gas Market

Energy conglomerate, Shell PLC,  announced plans to stop buying Russian oil as it backtracked and apologized for purchasing cheap Russian crude over the weekend.

The energy company also announced that it would close all its fuel outlets,  halt all aviation fuel and lubricant operations, and stop all other operations in Russia.

Shell faces widespread global denunciation and criticism after it purchased a cargo of Russian crude at a discounted price over the weekend.

Shell CEO, Ben van Beurden acknowledged that was wrong to purchase the Russian oil,   “We are acutely aware that our decision last week to purchase a cargo of  Russian crude oil… was not the right one and we are sorry,” Mr van  Beurden said.

Shell’s departure from Russian oil and gas markets is expected to take some time.

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