Ukrainian government writes to Shell, accusing oil giant of ‘funding Putin’s war with accounting trickery’

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Friday, April 22, 2022 2:26 PM

Ukraine has accused energy giant Shell of continuing to “fund Putin’s war machine” by buying oil through an “accounting trick”.

In an angry letter sent to the oil company’s boss, Kyiv called it “deplorable” that the firm still buys fuel indirectly linked to the Kremlin.

According to Telegraphdespite a commitment to stop buying power, Shell considers refined petroleum products not Russian if less than half of the blend comes from the country.

He was accused of buying Russian products before reselling them as non-Russian, as long as the balance is less than 49%.

There were also fears that oil was still coming to market via other sanctioned countries, with cargo being unloaded from ships without a destination.

The letter from Oleg Ustenko, an adviser to Ukrainian President Volodymyr Zelenskyy, said that “the idea that any company will continue to finance Putin’s war machine through an accounting trick is deplorable”, according to the the wall street journal.

Shell refuted the allegation, with a spokesperson saying it “did not buy products exported from Russia to mix them up to sell as ‘non-Russian'”.

He also insisted that he had “stopped all spot purchases of Russian crude and LNG”.

The company dumped its Russian assets, with a loss of almost £4bn.

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