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Shell, BP pull out of energy investments in Russia over Ukraine invasion

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Both Shell and BP announced they are pulling out of Russia, as President Vladimir Putin’s invasion of Ukraine continues to take its toll on the country's economy, which is heavily dependent on foreign investments in its energy industry. “We are shocked by the loss of life in Ukraine, which we deplore, resulting from a senseless act of military aggression,' Shell's CEO said. “Our decision to exit is one we take with conviction. We cannot — and we will not — stand by.'

. Governments including the U.S., United Kingdom and the European Union have imposed widespread sanctions on Russian banks, companies and wealthy individuals in an effort to persuade Putin to change course., which is controlled by the Russian state. Norway’s Equinor said Monday that it would halt new investment in Russia and begin selling its holdings in the country.

Shell’s most important investment in Russia is its stake in the Sakhalin-II project in the waters near Sakhalin Island off Russia’s east coast. Japan-based Mitsui owns 12.5% of the project, and Mitsubishi holds 10%. In addition to investment, Shell provided expertise that helped develop Sakhalin-II, Russia’s first offshore gas project. It began year-round production in 2008 and includes three offshore platforms designed to withstand earthquakes and crashing ice sheets in the frozen seas.

Still, Shell’s investments in Russia account for a relatively small portion of the company's total reserves and production. Russian assets accounted for less 5% of the company’s worldwide oil and gas production in 2020, according to Shell’s latest annual report.

 

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