Russia’s war in Ukraine has led to soaring energy prices in Europe, boosting companies’ earnings.
Oil and gas company Shell earned €8.66 billion ($9.6 billion) in profits in the first quarter of 2023, the company said Thursday in a press release.
By disrupting energy supply chains in Europe, Russia’s war in Ukraine has driven up prices across the Continent, giving a major boost to energy companies’ earnings, riling Kyiv and putting pressure on European governments to raise their tax rate.
Last week, British oil company BP announced it had made €4.54 billion (£4 billion) profits over the same period.
Both companies made record profits last year: Shell earned €36 billion ($40 billion) and BP €25 billion ($27.7 billion).
Ukraine isn’t happy — and wants oil companies to use their bumper profits to help it out.