Shell withdraws from Russia over war in Ukraine | Financial

The energy company reported this on Monday after the close of trading. At the end of 2021, Shell had approximately $3 billion in fixed assets in these companies in Russia.

In addition to Nord Stream 2, Shell will also stop its joint ventures that it set up with the Russian gas company Gazprom and its subsidiaries.

The interests in Russia also include the 27.5% interest in the Sakhalin-II gas field, in eastern Russia. In addition, a 50% interest in Salym, for oil fields in Siberia, and the company Gydan Energy.

“We are shocked by the loss of life in Ukraine as a result of a senseless act of military aggression that threatens European security,” Shell CEO Ben van Beurden said in a statement.

Shell is active in Ukraine in addition to Russia itself. It has been trying to secure its staff locally there in recent days. The group also says it is working there with aid workers and humanitarian organizations.

BP is also leaving

On Sunday, competitor BP announced it would terminate its nearly 20% stake in Russian state-owned oil company Rosneft.

The summit explicitly cites Russia’s military incursions into Ukraine as the reason: “an act of aggression that has tragic consequences throughout the region.”

These military actions marked a fundamental change in BP’s relationship with Russia. The oil group no longer wanted to be involved with state-owned Rosneft, whose earnings through the state treasury help finance the war in Ukraine.

Bernard Looney, CEO of BP, announced that he would immediately leave the board of the Russian group.

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