Shell apologises for buying Russian oil, what now?

Fuel prices on both sides of the Atlantic surges, as Brent Crude tops $1.20

The United States is expected to announce a ban on importing Russian crude, but how does that affect Russia, and the wider world? In short, Russia could increase exports to China, and South East Asia. A full embargo by the United States is unlikely to have the support of EU members. Last week, Germany pulled the plug on Nord Stream 2’s license, but the country is the EU’s biggest importer of Russian energy.

Brent crude rose to a whopping $1,40 on Monday, before receding slightly. Fuel prices in the US, the United Kingdom and the EU are crippling business and commuters. Watch closely to see if the US and EU sidle up to Venezuela and Iran for oil supplies. Venezuela has the largest amount of oil reserves in the world with approximately 300.9 billion barrels.

10s of Western behemoths have pulled out of Russian operations. Shell announced it would do the same by shutting down service stations and aviation fuels. Shell came under criticism from Ukraine’s foreign minister for buying Russian oil. After Shell's announcement to stop buying Russian crude, it seems Dmytro Kuleba's wish has come true. Shell recently defended its position on buying discounted Russian crude.

Bill Browder @Billbrowder

Shell defends decision to buy discounted oil from Russia. The headline speaks for itself. You don’t even need to read the article. There’s no defence

cnbc.comShell defends decision to buy discounted oil from RussiaIt was reportedly bought at a record discount, with many firms shunning Russian oil due to Moscow’s unprovoked invasion of its neighbor.

Russia’s invasion of Ukraine shows no signs of ending, and nor does the hike in gas and oil prices.