Shell Joins BP—Abandons $3 Billion Russia Investments After ‘Senseless’ Ukraine Invasion

Shell Joins BP—Abandons $3 Billion Russia Investments After ‘Senseless’ Ukraine Invasion

Share to Linkedin Oil giant Shell on Monday announced it intends to exit joint ventures with Russian state-owned gas company Gazprom, becoming the latest firm to divest interests based out of Russia after the nation's invasion of Ukraine. A logo at a Shell petrol station in Kazan, Tatarstan, Russia. In a statement Monday, London-based Shell said it would exit a 27. 5% stake in a liquefied natural gas facility based in Sakhalin Island, Russia; a 50% stake in the Salym Petroleum Development, a group of oil fields in West Siberia; and a 50% stake in an energy venture in the Gydan peninsula. The company said its assets in the ventures represented about $3 billion in value at the end of last year and noted that its decision to abandon them would lead to impairments, or accounting losses. "Our decision to exit is one we take with conviction," Shell CEO Ben van Beurden said in a Monday statement, adding that the company will "work through the detailed business implications" in compliance with a growing list of sanctions against Russia. Shell, which did not immediately respond to Forbes' request for comment, did not provide a timeline for its divestiture or indicate how