Shell has announced plans to withdraw from Russian oil and gas and close all its service stations in the country immediately.
The boss of the FTSE 100 company also today apologised for buying Russian crude oil last week, seven days after Putin launched an attack on Ukraine civilians.
The company will stop buying Russian crude oil, it said in a statement.
It will also change its crude oil supply chain to remove Russian supplies, but said this could take weeks to complete and would lead to reduced throughput at some of its refineries.
Shell will also shut its fuel stations and aviation fuels in Russia, and start a phased withdrawal from Russian petroleum products, pipeline gas and liquefied natural gas.
“This is a complex challenge,” it said in a statement on Tuesday.
“Changing this part of the energy system will require concerted action by governments, energy suppliers and customers, and a transition to other energy supplies will take much longer.”
Chief executive, Ben van Beurden, said: “We are acutely aware that our decision last week to purchase a cargo of Russian crude oil to be refined into products like petrol and diesel – despite being made with security of supplies at the forefront of our thinking – was not the right one and we are sorry.
“As we have already said, we will commit profits from the limited, remaining amounts of Russian oil we will process to a dedicated fund.
"We will work with aid partners and humanitarian agencies over the coming days and weeks to determine where the monies from this fund are best placed to alleviate the terrible consequences that this war is having on the people of Ukraine.”
A week ago, Shell exited a long-running partnership with the Russian state energy firm Gazprom, describing the Ukraine attack as "senseless" and a threat to European security.
As the case escalates between the world and Putin, US president Joe Biden is expected to announce a US ban on Russian oil imports in a further tightening of sanctions later today.
The move follows pleas by Ukraine's president to cut off the trade - which has so far been allowed to continue even as other restrictions increase.
Oil prices, already at multi-year highs, climbed back above $130 a barrel on the reports.
The White House said president Biden was set to announce "actions to continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine".
Russia's deputy prime minister Alexander Novak has warned that oil prices could top $300 a barrel if America and its allies ban its exports of the commodity.
Dozens of major companies have cut ties with Russia in an act of solidarity against Vladimir Putin's war on Ukraine.
British Gas owner Centrica last week ceased all gas supply agreements with Russia, including Gazprom.
London-listed Centrica has a medium-term contract with Gazprom Marketing and Trading, the Russian energy giant's UK entity, through which gas can be sourced from the open market.
Chris O'Shea, chief executive officer of Centrica, said: "We are shocked by the events unfolding in Ukraine and the needless loss of lives.
"We intend to exit our gas supply agreements with Russian counterparts, principally Gazprom, as a matter of urgency.
"We are working through the details of how best to do this. Additionally we will ensure we are compliant with all relevant sanctions."
It came after BP offloaded its £25billion dollar stake in Russian state-owned oil firm Rosneft, where it owned a 20% shareholding and held two board seats.
