Fortune
Shell CEO points out loopholes in Russian oil sanctions after announcing record profits
BY CHLOE TAYLOR: May 5, 2022 4:16 PM GMT+1Planned embargoes on Russian oil may be thwarted due to the way the global crude supply chain works, Shell’s CEO explained on Thursday.
Speaking after Shell reported record quarterly profits, Ben van Beurden, the oil giant boss, told reporters that the framework of the world’s crude network left loopholes open in Western government bans on Russian oil.
This is because imported fuels like gasoline, which might have been made from Russian oil but refined outside of Russia, cannot always be traced back to their natural source.