Shell announced Monday that it will cut ties with the Russian state-owned energy giant Gazprom. The move follows a similar decision from BP.
A closed Gazprom gasoline station is shown in Almaty, Kazakhstan, on Jan. 9.
“We are shocked by the loss of life in Ukraine, which we deplore, resulting from a senseless act of military aggression which threatens European security,” Ben van Beurden, Shell’s chief executive,The company will also end its investment in the Nord Stream 2 gas pipeline. Last week, Germany, which would receive Russian gas through the pipeline, announced it is. Shell will also sell its 27.5% stake in the Sakhalin-II liquefied natural gas facility and its 50% stakes in two Siberian oil ventures.
Competitor BP will sell its 19.75% stake in Rosneft, which it has held since 2013. Its Russian assets totaled about $14 billion last year. The British government pressured both firms to cut ties with Russia. Shell recently relocated from the Netherlands to London.
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