The European company Shell continues to trade in Russian gas, despite promises to stop doing so

European energy company Shell continues to trade Russian gas after promising to withdraw from the Russian market. According to the Global Witness group, in 2022, the company participated in the eighth part of Russian marine gas exports.

The BBC writes about it.

Shell previously explained its trade with Russia by saying that the deals were the result of "long-term contractual obligations" and did not violate laws or sanctions.

For example, in May, a large tanker capable of transporting more than 160,000 cubic meters of gas left the port of Sabetta on the Yamal Peninsula in northern Russia. Shell bought the cargo and sent it to Hong Kong.

In March 2022, a few weeks after Russiaʼs full-scale invasion of Ukraine, Shell apologized for buying oil from Russia and said it planned to divest itself of Russian oil and gas.

Shell said it would stop buying Russian oil, sell its gas stations and other businesses in Russia, and begin "phasing out of Russian petroleum products, pipeline gas, and liquefied natural gas."

However, the company still receives gas cargo from two Russian ports: Yamal and Sakhalin. In this way, it fulfills the contract with the Russian company Novatek, which obliges it to buy 900,000 tons of gas per year from Yamal until the 2030s. Novatek is one of Russiaʼs largest gas companies that pay taxes to the budget of the Russian Federation.

Meanwhile, Shell is the worldʼs largest trader of liquefied natural gas, which is not subject to European sanctions, making billions of dollars in oil and gas profits last year.

• Last year, gas prices in Europe rose to record levels due to the Russian Federationʼs war against Ukraine, sanctions against Russia, and the gradual withdrawal of Russian gas. Then there was panic in the market, which led to government intervention — EU governments allocated almost $700 billion to help companies and consumers. Russia counted on the EUʼs dependence on its energy sources and pressured countries to ease sanctions and not provide aid to Ukraine.