Shell to write off assets in Russia for almost $3.5 billion

Shell is starting to write off Russian assets; last year their volume in joint ventures with Gazprom and Gazprom Neft and the Nord Stream 2 gas pipeline amounted to $3 billion, and in the oil refining and marketing sector (downstream) - $400 million, Report informs, citing Kommersant that this follows from reports of the company.

“At the end of 2021, Shell’s non-current assets in downstream in Russia amounted to about $0.4 billion. These decisions are expected to affect the carrying value of the relevant assets and lead to the recognition of impairment in 2022,” the company’s annual report says.

On February 28, Shell announced its decision to withdraw from joint ventures with Gazprom and Gazprom Neft, including Sakhalin-2, Yenisey, and Salym Petroleum, and to cease participation in the Nord Stream 2 project.