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Shell shares dip as US$400mln Russian write off flagged

Published: 07:16 10 Mar 2022 EST

Shell PLC - Shell shares dip as US$400mln Russian write off flagged

Shell PLC (LSE:SHEL, NYSE:SHEL) shares were down some 1% in Thursday morning’s deals as crude oil prices softened somewhat and as the oil supermajor’s flagged a possible US$400mln write-off against its downstream assets in Russia.

In its annual report statement, published for shareholders today, said it would write down US$400mln after announced recently that it was exiting ventures in the country.

Shell shares in London traded down 23 points or 1.15% changing hands at 1,980p.

The company previously said it would sever ties in Russia and, on Tuesday, Shell said intended to make a phased withdrawal from involvement in all Russian hydrocarbons including crude oil, gas, petroleum products and LNG.

It also follows a web of public relations movements after a report that the company had nonetheless purchased a cargo of Russian crude oil.

Although the purchase did not violate any Western sanctions, the decision had received widespread criticism, which was not allayed by the last week that it intends to end its involvement in the Nord Stream 2 pipeline project and exit its equity partnerships with state-owned Gazprom.

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