Shell promises to direct profits from Russian oil to support Ukraine

The oil and gas company Shell, which refused to stop buying Russian oil, promised to direct its profits to help Ukraine.

The company announced this on Twitter.

"To clarify, in the absence of an uninterrupted supply of crude oil to refineries, the energy industry will not be able to ensure a stable supply of essential goods across Europe in the coming weeks. Cargo from alternative sources would not arrive quickly enough to avoid supply disruptions," the statement said.

Shell, however, says it will opt for alternatives to Russian oil "wherever possible," but Russia's abandonment of oil may not be immediate because of the important role it plays in the global supply chain.

Shell has promised to transfer the profits from Russian oil, which they buy, to a special fund.

"In the coming days and weeks, we will work with relief partners and humanitarian organizations to determine where best to use these funds to mitigate the dire consequences of this war for the people of Ukraine," the statement said.

Note

The day before, Foreign Minister Dmytro Kuleba criticized the Dutch oil and gas company Shell for buying Russian oil, asking, "Doesn't Russian oil smell like Ukrainian blood?"

Shell has previously said it is "shocked by the war in Ukraine," promising to reduce the use of Russian oil as alternative raw materials become available. However, the company said that Russian fuel has a "significant role in global supply" and currently there are not enough alternatives in the markets.