As an immediate first step, the company said it will shut its service stations, aviation fuels and lubricants operations in Russia.
The firm will also stop purchases of Russian crude oil.
Last Saturday, Shell faced huge criticism after it purchased a cargo of Russian crude. The company apologised for this purchase.
Shell Chief Executive Officer 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.”
Earlier this month, Shell announced plans to exit its joint ventures with Russian energy company Gazprom following the invasion of Ukraine.