Apr 7, 2022
Oil giant Shell to take £3.8bn hit by leaving Russia
"Shell has not renewed longer-term contracts for Russian oil, and will only do so under explicit government direction, but we are legally obliged to take delivery of crude bought under contracts that were signed before the invasion," the company said. The oil firm added that the state of the global oil markets remained "Volatile". Brent Crude - the global benchmark for oil prices - was trading at about $100 a barrel early on Thursday, but its price has risen to record levels since the war in the Ukraine. The rise in oil prices is due to Russia being one of the world's largest exporters of the commodity and fears of supplies being disrupted because of the conflict. Though the UK gets very little of its oil from Russia, it has been affected by the global rise in prices, which has seen petrol and diesel prices hit record levels.
Related companies
Make a complaint about Shell by viewing their customer service contacts.
