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Shell, BP Say They’ll Quit Russian Oil in More Self-Sanctioning

March 8, 2022, 12:34 PM

Shell Plc and BP Plc said they won’t make any new purchases of Russian oil and gas, but won’t be able to immediately to disentangle themselves from the country due to long-term contracts and the likely difficultly of finding alternative supplies.

The announcements, which for Shell mark a dramatic U-turn in response to international opprobrium for its purchase of Russian crude last week, accelerates energy companies’ rejection of Russia over its invasion of Ukraine.

Yet it also highlights the risks of the move, with Shell warning that its refineries might end up producing less fuel. BP warned that it could ...