Oil giant Shell has made a U-turn on its earlier stand on discontinuing relations with Russia by purchasing 725,000 barrels of Urals, Russian flagship crude product.
On Friday, March 4, 2022, Shell trading arm bought the product from commodity trader Trafigura at a discount of $28.50 to Brent.
Financial Times noted that the trade was the first deal completed in a public trading window run by S&P Global Platts since Russia invaded Ukraine. The report pegs Shell’s profit from the purchase at $20 million.
Earlier, Shell had revealed its plans to exit its joint venture in Russia.
Chief executive Ben van Beurden said he was shocked by the loss of life in Ukraine, resulting from a “senseless act” of military aggression, which “threatens European security.”
“Our decision to exit is one we take with conviction,” Mr van Beurden said. “We cannot — and we will not — stand by.
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