Europe’s largest energy company, Shell, has announced plans to donate profits from its latest purchase of Russian crude oil to a fund that helps Ukrainian refugees. The decision followed heavy criticism from Ukrainian Foreign Minister Dmytro Kuleba over the move, but it did not violate any Western sanctions.
“We will commit the profits from the limited amount of Russian oil we have to buy into a dedicated fund,” the company said in a statement, published through his official Twitter account.
“We will be working with humanitarian partners and humanitarian agencies over the coming days and weeks to determine where funds from this fund are best placed to mitigate the terrible consequences this war is having on the people of Ukraine,” he said. added. Shell added.
On Friday, the oil major bought 100,000 metric tons of flagship Ural crude from Russia. The deal was reportedly done at a record discount as many companies shun Russian oil due to the latest developments in Ukraine.
The company added that it had been in “Intense talks with governments and continuing to follow their advice on this issue of security of supply, and are acutely aware that we must navigate this dilemma with the utmost care.”
“We will continue to choose alternatives to Russian oil wherever possible, but this cannot happen overnight due to Russia’s importance in global supply,” Shell added.
Earlier this week, Shell announced its intention to withdraw from its joint ventures with Russian gas giant Gazprom and its related entities.
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