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Shell to Put Profits From Russian Oil Trade Into Ukraine Aid Fund

Reuters

Shell to Put Profits From Russian Oil Trade Into Ukraine Aid Fund

By Ron Bousso

LONDON (Reuters) – Oil major Royal Dutch Shell 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.

(Reporting by Ron Bousso; Editing by David Holmes)

Copyright 2022 Thomson Reuters.

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