Shell plans to withdraw from Russian oil and gas and stop all spot purchases of Russian crude oil as a first immediate step, the British energy major announced on Tuesday.

"Shell plc (Shell) today announced its intent to withdraw from its involvement in all Russian hydrocarbons, including crude oil, petroleum products, gas and liquefied natural gas (LNG) in a phased manner, aligned with new government guidance," the company said in a statement. "As an immediate first step, the company will stop all spot purchases of Russian crude oil. It will also shut its service stations, aviation fuels and lubricants operations in Russia."