Energy giant Shell to stop buying Russian oil, gas and shut down Russian operations

Energy giant Shell has said that it will stop buying Russian oil and natural gas and shut down its service stations, aviation fuels and other operations in the country. The decision was taken in light of international pressure for companies to sever ties over the military operation of Ukraine.

The company said on Tuesday in a statement that it would withdraw from all Russian hydrocarbons, including crude oil, petroleum products, natural gas and liquefied natural gas, in a phased manner.

The decision comes as surging oil prices have been rattling global markets and days after Ukraine's foreign minister Dmytro Kuleba criticized the company for continuing to do business with President Vladimir Putin's government.

While the U.S., Britain and the European Union have imposed tough economic sanctions on Russia, they have stopped short of banning oil and gas imports from Russia because of concerns about the impact that would have on global energy supplies.

According to the International Energy Agency, Russia is the world's second-biggest oil producer, accounting for more than 12 percent of global production.