Despite a publicly made statement of refusing Russian oil, oil company Shell Plc continues to buy it, presenting it as a so-called blending in which only 49.99% is produced in Russia, and 50.01% comes from other sources. Shell claims that the oil is technically not of Russian origin.
This was reported by Bloomberg.
"This maneuver underpins a burgeoning and opaque market for blended Russian diesel and other refined petroleum products, one of the many used by oil companies and commodity traders are using to keep Russian energy into Europe while at the same time satisfying public opinion that demands an end to subsidizing Vladimir Putin's war machine," - the article reads.
In the case of Shell, the company amended the so-called general terms and conditions of its contracts to allow blending with Russia.
Earlier, oil giant Royal Dutch Shell decided not to stop financing Russia by buying Russian oil but said it would invest the profits from its sale in a humanitarian aid fund for Ukraine.