Phillips 66 Corporate Communications
March 10, 2022
Phillips 66 continues to comply with expanding sanctions against Russia and is committing $1 million to Ukraine relief efforts.
“We continue to be troubled by the events unfolding in Ukraine,” said Phillips 66 Chairman and CEO Greg Garland. “The fundamental safety and security of its people are at risk, and we support the strength and scope of the sanctions in place . We also recognize that this conflict is impacting friends and family members of our employees and hope that the conflict can be resolved quickly and resolutely.”
The company is complying with the sanctions levied against Russia and will continue to comply with all additional sanctions, should they be put in place. Phillips 66 holds no equity interests or operations in Russia.
President Biden announced Tuesday that the U.S. was banning Russian oil imports in retaliation for its invasion of its Eastern European neighbor. The U.S. receives less than 10 percent of its energy imports from Russia, which is the world’s second-largest exporter of crude.
Phillips 66 anticipates limited impacts to its ability to secure feedstocks for its refining operations. The company maintains diverse sources of supplies and has the business relationships and commercial expertise to execute feedstock procurement.
“We are working diligently to ensure security of supply for both our refineries and our customers while abiding by all applicable sanctions,” said Brian Mandell, Phillips 66 Executive Vice President of Marketing and Commercial. “Our talented teams are working around the clock to manage market conditions and help our businesses navigate through this period of increased uncertainty and heightened volatility, all the while focusing on doing what is right.”
Supporting those in need
Phillips 66 is donating $1 million to humanitarian relief efforts in Ukraine and the neighboring countries. The company will also match employee contributions to eligible organizations supporting relief efforts.