Conflicts & War

European oil giants bought $100 billion from Russia since 2015

Brussels, Mar 28 (EFE).- Europe’s largest oil companies, including France’s TotalEnergies, the Netherlands’ Shell and the United Kingdom’s BP, have bought $100 billion of Russian oil between 2015 and 2021, following Moscow’s annexation of Crimean, a report published Monday by the Transport & Environment NGO said.

“Oil majors cannot be trusted to put ethics before profit,” T&E said in a statement.

Of the three largest companies, TotalEnergies has bought the largest volume of oil from Russia with $57 billion, followed by Shell with $27 billion and BP with $9 billion, the study said.

“Total and BP even increased the amount of oil they imported from Russia since the 2014 annexation,” it added.

Shell and BP have withdrawn from Russia following its invasion of Ukraine, which began on February 24, and Total plans to do so by the end of the year, although it will continue to buy gas, the report said.

“Oil majors claim to be ethical, but all they care about is profit. Since Russia’s annexation of Crimea they have purchased billions of dollars worth of oil, directly funding Putin’s aggression. Public backlash made this war one too many for the oil executives, but it’s too little, too late for the people of Ukraine,” Carlos Calvo Ambel, senior director at T&E said.

According to the nonprofit, “distrust in Big Oil goes beyond just funding wars” and extends to climate change where energy giants have pitched themselves as environmental leaders in order to influence and slow the pace of a green energy transition, the organization warned.

“The oil majors have no interest in greening the global economy as fast as possible. They will only act when they are pushed. But how far is too far? Will we have to wait until the Netherlands is under water before they decide enough is enough? We simply cannot trust Big Oil to put ethics before profit,” Calvo added. EFE


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