Oil giant Shell reneged on its earlier stand on discontinuing relations with Russia by purchasing 725,000 barrels of Urals, Russian flagship crude product. 

On Friday, Shell trading arm bought the product from commodity trader Trafigura at a discount of $28.50 to Brent. 

Financial Times noted that the trade was the first deal completed in a public trading window run by S&P Global Platts since Russia invaded Ukraine. The report pegs Shell’s profit from the purchase at $20 million. 

Earlier, Shell had revealed its plans to exit its joint venture in Russia. Chief executive Ben van Beurden said he was shocked by the loss of life in Ukraine, resulting from a “senseless act” of military aggression, which “threatens European security.”

“Our decision to exit is one we take with conviction,” Mr van Beurden said. “We cannot — and we will not — stand by.

The company will also end its investment in the Nord Stream 2 gas pipeline. Last week, Germany, set to receive Russian gas through the pipeline, announced that it was suspending the operation.

Shell will also sell its 27.5 per cent stake in the Sakhalin-II liquefied natural gas facility and its 50 per cent stakes in two Siberian oil ventures.

Shell said the projects were worth about $3 billion at the end of 2021.