FSUOGM: Shell pledges Russian oil profits for Ukrainian aid

Shell announced on March 5 it was placing all profits that it earns from Russian oil it purchases into a fund that will go towards humanitarian aid in Ukraine, after drawing criticism for purchasing a discounted cargo of Russian Urals blend.
Shell is one of several international oil companies (IOCs) that have announced their intent to leave Russia in response to Moscow’s actions in Ukraine. The company is a shareholder in the 10mn tonne per year (tpy) Sakhalin-2 LNG plant in the Russian Far East, owned by Gazprom, and is partnered with Gazprom Neft at the Salym Petroleum oil development in Western Siberia. First it will have to find a buyer for the assets, however.
Days after Shell’s announcement, it was revealed that the super-major had bought a cargo of Russia’s flagship Urals crude at a record discount. While no governments have banned the purchase of Russian oil, the trade sparked strong criticism, including from Ukrainian 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,” the minister said in a tweet.
Shell has since defended the purchase, adding it would seek alternatives to Russian oil wherever possible, but that shifting its operations would not happen overnight, as Russian oil is such a significant part of global supply.

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