LONDON, April 7 — British energy giant Shell warned Thursday that it would take a hit of up to US$5 billion (4.6 billion euros) on its exit from Russia, following Moscow’s invasion of Ukraine. Impairment from assets and additional charges relating to Russia activities were expected to be...
LONDON, April 7 — British energy giant Shell warned Thursday that it would take a hit of up to US$5 billion on its exit from Russia, following Moscow’s invasion of Ukraine.
The write-off comes after the London-listed energy major announced in late February that it would sell its stakes in all joint ventures with Russian state energy giant Gazprom after the Kremlin launched its assault on Ukraine.Shell then announced in March that it would withdraw from Russian gas and oil in line with UK government policy, and also immediately stopped purchases of its crude.
Britain, which is far less dependent than the rest of Europe on Russian energy, plans to phase out oil imports by the end of the year and eventually stop importing its gas. Net profit stood at US$20.1 billion after a loss after tax of US$21.7 billion in 2020, as economies reopened from pandemic lockdowns.
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