Shell faces $0.4bn writedown on exit from Russian downstream business

LONDON: Shell faces further writedowns from exiting Russia over the country’s invasion of Ukraine, it said on Thursday, flagging that it had $0.4 billion in Russian downstream assets as well as the $3 billion in other projects announced previously.

The oil major announced on Feb. 28 that it would quit its ventures in Russia with Gazprom and related entities including the flagship Sakhalin 2 liquefied natural gas (LNG) plant and the Nord Stream 2 pipeline project.