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(Shell) oil incurred billions of dollars in losses as a result of its exit from the Russian market

2022-04-07T14:38:59.770Z


London-SANA company revealed London-Sana The global energy giant "Shell" revealed that it incurred billions of dollars in losses due to its decision to withdraw from Russia. The Associated Press quoted the company as saying: The decline in the value of Russian assets, credit losses and onerous contract terms will reduce the company's profits for the first three months of the year between four and five billion dollars. Shel


London-Sana

The global energy giant "Shell" revealed that it incurred billions of dollars in losses due to its decision to withdraw from Russia.

The Associated Press quoted the company as saying: The decline in the value of Russian assets, credit losses and onerous contract terms will reduce the company's profits for the first three months of the year between four and five billion dollars.

Shell last month announced plans to exit joint ventures with Russia's state-owned energy company Gazprom: these financial assets alone were valued at $3 billion at the end of last year, according to Shell's annual report.

The company’s decision came after Britain joined the chorus of Western countries that launched a campaign against Russia under the pretext of the Russian special military operation in Ukraine to protect the Donbass people from the crimes of the Kyiv regime, and imposed a set of sanctions on Russian companies and banks, and energy companies found themselves facing pressure to sever their relations and investments with Russia regardless What losses you will incur.

Shell Oil, headquartered in Houston in the United States, is a subsidiary of the multinational oil company "Royal Dutch Shell" of Anglo-Dutch origin and is among the largest oil companies in the world.

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Source: sena

All business articles on 2022-04-07

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