Shell to take hit of up to $5b on Russia exit

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British energy giant Shell warned Thursday that it would take a hit of up to $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 between $4 billion and $5 billion in the first quarter, Shell said in a statement after recently signalling its gradual withdrawal.

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.—AFP

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