Shell announced that it was closing all of its gas stations in Russia and would stop using the country’s oil and gas.
The company’s boss also apologized for buying Russian crude oil last week, seven days after Vladimir Putin launched an attack on Ukraine.
In a statement, Shell said that in addition to no longer buying Russian crude oil, it would also modify its crude oil supply chain to cut Russian supplies.
It added, however, that this could take weeks and would result in reduced throughput at some of its refineries.
The FTSE 100 company will also begin a phased withdrawal of Russian petroleum products, pipeline and liquefied natural gas, the Daily Mirror reports.
Shell’s statement read: “This is a complex challenge. Changing this part of the energy system will require concerted action by governments, energy suppliers and customers, and a transition to other energy sources will take much longer.
Ben van Beurden, CEO of the company, said: “We are fully aware that our decision last week to buy a shipment of Russian crude oil to be refined into products like gasoline and diesel – although it was taken with security of supply at the forefront of our thinking – was not the right one and we are sorry for that.
“As we have said before, we will commit the profits from the limited and remaining quantities of Russian oil that we process into a dedicated fund.
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“We will be working with humanitarian partners and aid agencies over the coming days and weeks to determine where funds from this fund are best placed to mitigate the dire consequences this war is having on the people of Ukraine.”
Shell last week quit its joint ventures with Russian state energy company Gazprom, calling the attack on Ukraine “senseless” and a threat to European security.
The news comes as other big companies cut ties with Russia following the invasion, with British Gas Centrica owner last week ending all gas supply deals with Russia, including Gazprom.