Shell officially changed its name on Friday, dropping the “Royal Dutch” name, which has been part of its identity since 1907.
Rick Wilking | Reuters
Shell Main Oil sought to defend its decision to buy a highly discounted batch of oil from Russia, saying it would pledge profits to a fund dedicated to humanitarian aid to Ukraine.
On Friday, Shell bought 100,000 tonnes of its flagship Urals crude oil from Russia. It is said to have been purchased at a record discountwith many companies staying away from Russian oil due to Moscow’s Unprovoked Invasion of Neighborhood. The purchase did not violate any Western sanctions.
Shell said in a statement late Saturday that it was in “intense negotiations with governments and continues to follow their guidance on this supply security issue and is acutely aware that We have to deal with this dilemma in the most prudent way.”
“We have not taken this decision lightly and we understand the power of feelings surrounding it,” the statement read.
The company has faced heavy criticism from Ukraine’s Foreign Minister Dmytro Kuleba, who wants companies cut all business ties with Russia.
“A question for Shell: does Russian oil smell like Ukrainian blood to you?” Kuleba said in a tweet Saturday.
Speaking to CNBC on Monday, Kuleba launched a scathing attack on companies that still do business with Russia, saying that some major oil companies may find themselves going against history.
He told CNBC’s Hadley Gamble: “The world will judge them accordingly. And history will judge them accordingly.”
Earlier this week, Shell said it intended to pull out of a joint venture with the Russian gas giant Gazprom and its related entities.
Meanwhile, the opponent BP announced last Sunday that it has sold off its 19.75% stake in Rosnefta Russian-controlled oil company, capable of attacking the British oil corporation for a fee of $25 billion.
In its new statement, Shell said on Saturday that the company welcomed “any direction or insight” from governments or policymakers.
“We will continue to choose alternatives to Russian oil whenever possible, but this is unlikely to happen overnight because of how important Russia is to supply,” he said. globally,” the company said in the statement.
—Jessica Bursztynsky contributed to this article.
