Shell is ending all its ventures with Russian companies, with chief executive Ben van Beurden condemning its invasion of Ukraine as a “senseless act of military aggression,” the BBC reports.
It will sell its stakes in joint ventures with Gazprom, Russia’s majority state-owned energy company, including a 27.5% stake in a major liquified natural gas plant.
The decision comes after BP decided to offload its share of a state-owned oil firm, Rosneft.
Shell also plans to end its involvement in the Nord Stream 2 gas pipeline from Russia to Germany, which it helped finance along with a collection of other companies. Germany has already halted the project.
The company said it would take a hit to its balance sheet, with its ventures with Gazprom valued at about $3bn (£2.3bn).
“Our decision to exit is one we take with conviction. We cannot – and we will not – stand by,” van Beurden said.
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