Friday Aug 12, 2022
Friday Aug 12, 2022

Shell says Russia exit has already cost $5 billion


Nepalnews
2022 Apr 07, 15:57, London
The logo for Royal Dutch Shell appears above a trading post on the floor of the New York Stock Exchange, on Dec. 1, 2021. Shell says its decision to pull out of Russia in response to the country’s invasion of Ukraine has already cost the international energy giant as much as $5 billion. London-based Shell said Thursday, April 7, 2022 that the reduced value of Russian assets, credit losses and “onerous” contract terms will cut earnings for the first three months of this year by between $4 billion and $5 billion. (AP Photo)

Shell says its decision to pull out of Russia in response to the country’s invasion of Ukraine has already cost the international energy giant as much as $5 billion.

The reduced value of Russian assets, credit losses and “onerous” contract terms will cut earnings for the first three months of the year by between $4 billion and $5 billion, London-based Shell said Thursday. The estimate was part of an update released before publication of complete first-quarter earnings on May 5.

Shell said last month that it was “appalled” by the invasion of Ukraine as it announced plans to exit joint ventures with Russian state-owned energy company Gazprom. Those assets alone were valued at about $3 billion at the end of last year, according to Shell’s annual report.

The company later said it would stop buying Russian oil and withdraw from any involvement with Russian hydrocarbons “regardless of their financial implications.”


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