Shell to stop buying Russian oil and gas, apologizes for recent purchase
Company will also shut its service stations, aviation fuels and lubricants operations in Russia
Domestic oil production: Alaska governor says US has all the energy it needs
Alaska governor provides insight on domestic oil production amid the Russia-Ukraine war on 'Kudlow.'
Oil giant Shell apologized on Tuesday for its purchase of Russian crude oil last week and announced it will withdraw from involvement in all Russian hydrocarbons due to the country's invasion of Ukraine.
"We are acutely aware that our decision last week to purchase a cargo of Russian crude oil to be refined into products like petrol and diesel – despite being made with security of supplies at the forefront of our thinking – was not the right one and we are sorry," Shell CEO Ben van Beurden said in a statement.
The company said it will also shut its service stations, aviation fuels and lubricants operations in Russia.
Shell announced plans in late February to exit its relationship with Russian energy company Gazprom and related entities, and that it would end its involvement in the Nord Stream 2 pipeline project.
"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," said van Beurden. "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.