Shell withdraws from Russia because of the war in Ukraine. “We are shocked by the lives lost in Ukraine, which are the result of a senseless act of military aggression that threatens European security,” said CEO Ben van Beurden.
Shell has a 27.5 percent interest in the oil and gas project Sakhalin 2 in Russia, which is being carried out by the Russian state-owned company Gazprom.
In addition, it finances about 10 percent Nord Stream 2, the gas pipeline that runs from Russia to Germany. The company is therefore withdrawing from both projects.
Shell has about $3 billion worth of assets in Russia. The company expects to have to take a loss on this. “We take our decision to withdraw with full conviction,” says Van Beurden. “We can’t and don’t want to watch.”
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