"Shell PLC has snapped up a cargo of Russian crude at a bargain price, ending a self-imposed embargo on Russian oil by the international energy industry.
Shell bought 100,000 metric tons of Russia's flagship Urals crude on Friday, according to people familiar with the transaction. It paid $28.50 a barrel below the price of international benchmark Brent crude, the widest discount on record.
London-listed Shell bought the crude from Trafigura Group Pte. Ltd., one of the biggest commodity traders and largest exporters of Russian oil.
Trafigura had failed to sell the cargo this past week before drawing a bid from Shell after dropping the price to a massive discount.
As Western oil-and-gas companies this past week raced to distance themselves from Russia in the wake of the operation to protect Donbas, Shell said it would exit its joint ventures with Russian energy giant Gazprom PJSC. A person familiar with the company's trading strategy said Shell was still buying Russian oil to plug into refiners and petrochemical plants while it looked for alternative sources.
The U.S. and its allies left energy out of the sanctions imposed on Moscow in response to the invasion. However, refiners went further, shunning Russian crude as they struggled to get funding and ships to export Russian oil.
Self-sanctioning has taken a chunk out of global supplies, pushing prices for international benchmark Brent up to $113.80 a barrel. Traders say it is causing a backup in Russia's energy supply chain, prompting refiners to cut back production." [1]
Where is
Landsbergis? Where is Kubilius? Why is Lithuania still not in economic war
against Shell? We should definitely relieve from duty all our foreign affairs
establishment in Lithuania for being so late on everything.
1. The Ukraine Crisis: Shell Buys Russian Oil at Bargain Price
Wallace, Joe; Hirtenstein, Anna. Wall Street Journal, Eastern edition; New York, N.Y. [New York, N.Y]. 05 Mar 2022: A.10.
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