Shell projects USD 5bn loss from Russian exit

Leaving Russia has proven to be a costly affair for the British-Dutch oil company.

Shell taber 5 mia. dollar eller 34 mia. kr. på farvel til Rusland. | Photo: Brandon Bell/AFP / GETTY IMAGES NORTH AMERICA

BY MARKETWIRE, TRANSLATED BY CHRISTOFFER ØSTERGAARD

Shell sees depreciations upwards of USD 5bn following its decision to exit Russia, writes The Wall Street Journal.

Back in late February, Shell announced it would end its involvement in the financing of the Nordstream 2 gas pipeline and withdraw from several joint ventures with Russian energy giant Gazprom.

At the time, the company reported a projected loss of USD 3bn, but now the projection has ballooned by another USD 1-2bn after factoring in losses in connection with breaches of contracts and credit losses.

In addition, the figure includes losses related to Shell halting purchases of Russian oil in the spot market.

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Shell discloses another tax-free year in UK oil extraction
Shell under heavy critique after buying discount Russian oil
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Shell plans investment of GBP 20-25bn in UK energy
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