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Shell to put profits from Russian oil trade into Ukraine aid fund

Commodities Mar 05, 2022 01:30PM ET
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© Reuters. FILE PHOTO: The Royal Dutch Shell logo is seen at a Shell petrol station in London, January 31, 2008. REUTERS/Toby Melville/File Photo
 
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By Ron Bousso

LONDON (Reuters) - Oil major Royal Dutch Shell (LON:RDSa) will put profits from any Russian oil it purchases into a fund that will go towards humanitarian aid to Ukraine, the company said on Saturday.

Shell had on Friday bought a cargo of Russian crude oil at a record low discount, the first such trade since Russia invaded Ukraine last week.

The deal, which did not violate Western sanctions on Moscow, was criticized by Ukraine's Foreign Minister Dmytro Kuleba.

"I am told Shell discreetly bought some Russian oil yesterday. One question to @Shell: doesn't Russian oil smell (of) Ukrainian blood for you?," Kuleba wrote in a tweet.

In a statement published shortly afterwards, Shell defended the purchase and said it would choose alternatives to Russian oil wherever possible, but this could not happen overnight because of how significant Russia is to global supply.

It added: "We didn't take this decision lightly and we understand the strength of feeling around it."

Shell said it would give any profits from the limited amount of Russian oil it has to purchase to a dedicated fund, and together with aid agencies would determine where those funds would best be used to help alleviate hardship suffered by the people of Ukraine.

Russian exporters have in recent days faced severe problems with credit lines, shipping and insurance, resulting in delays and cancellations to their attempts to find buyers for Russian crude.

Shell to put profits from Russian oil trade into Ukraine aid fund
 

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Comments (8)
gab nea
gab nea Mar 06, 2022 6:41AM ET
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awesome only if they donate the profits to Ukrainians, as promised otherwise boycott Shell.
John Laurens
John Laurens Mar 06, 2022 2:10AM ET
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Awesome! Great company.
cc cc
cc cc Mar 05, 2022 6:40PM ET
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It is not only Shell, the US is buying still Russian oil. So if people say they will boycott Shell - does this apply to US as well - not using any services or US products? Of course the US tries to downplay it and says it is small amount - yes for US maybe, but not for Russia. Btw. US always needs to import oil, as its needs different grade to refine its own oil so it imports and exports.
Shep De
Shep De Mar 05, 2022 3:45PM ET
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Attaboy, Shell #ModelBehavior
Raja Abdullah
Raja Abdullah Mar 05, 2022 3:26PM ET
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What will be next target of oil,Any body tell me
Vincent Maranto
Vincent Maranto Mar 05, 2022 2:52PM ET
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RIGHT, no more shell gas for me.................Stay away from everything from that country. PERIOD
Don Getty
Don Getty Mar 05, 2022 2:05PM ET
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Russia last Tsar was replaced by the people this one will be as well!
Kevin Parker
Kevin Parker Mar 05, 2022 2:05PM ET
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Yes, I watched a documentary... The fall out of touch with the people and are quickly assassinated.
Stephane Adam
Stephane Adam Mar 05, 2022 1:46PM ET
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That's no excuse, I will boycott Shell for 20 years  By buying Russian oil, they are helping Putin finance his war effort. It's outrageous.
 
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