Shell says it will stop buying Russian oil and natural gas

Energy giant Shell said Tuesday that it will stop buying Russian oil and natural gas and shut down its service stations, aviation fuels and other operations in the country amid international pressure for companies to sever ties over the invasion of Ukraine.

The company said 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 just days after Ukraine's foreign minister criticized Shell for continuing to buy Russian oil, lashing out at the company for continuing to do business with President Vladimir Putin's government.