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AP National Business

Shell says it will stop buying Russian oil, natural gas

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Published 4:14 AM

By DANICA KIRKA
Associated Press

LONDON (AP) — Shell says it will stop buying Russian oil as international companies come under increasing to sever ties with the country after its invasion of Ukraine. The move Tuesday came hours before the U.S. and British governments banned Russian oil imports. The turmoil has rattled global markets, sending oil prices surging to a 14-year high overnight. Shell says it will immediately stop buying Russian oil on the spot market, which is used for one-time deals involving rapid deliveries, and it would not renew longer-term contracts. The company intends to totally withdraw from the Russian market for oil, oil products, natural gas and liquefied natural gas in a “phased manner.”

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