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AP National Business

Shell to pull out of energy investments in Russia over war

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Published 10:19 AM

By DANICA KIRKA
Associated Press

LONDON (AP) — Shell says it’s pulling out of Russia as President Vladimir Putin’s invasion of Ukraine continues to cost the country’s all-important energy industry foreign investment and expertise. The company on Monday announced its intention to exit joint ventures with Russia’s state-owned energy giant Gazprom and related entities. That includes stakes in a key liquefied natural gas project and two projects that are developing oil fields in Siberia. Shell also intends to end its involvement in the now-halted Nord Stream 2 natural gas pipeline. BP announced plans Sunday to shed an almost 20% stake in Russian-controlled Rosneft. Norway’s Equinor said Monday that it would halt new investment in Russia and begin selling holdings there.

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