Shell pulls out of energy investments in Russia over war

Shell says it pulling out of Russia as President Vladimir Putin’s invasion of Ukraine costs the country’s all-important energy industry foreign investment and expertise.

Shell announced its intention Monday to exit its joint ventures with Gazprom and related entities, including its 27.5 per cent stake in the Sakhalin-II liquefied natural gas facility, its 50 per cent stake in the Salym Petroleum Development and the Gydan energy venture. Shell also intends to end its involvement in the Nord Stream 2 pipeline project.

We are shocked by the loss of life in Ukraine, which we deplore, resulting from a senseless act of military aggression which threatens European security, said Shell’s chief executive officer, Ben van Beurden.

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