Shell to exit Russia after Ukraine invasion

Untenable investment: A worker is seen at the Royal Dutch Shell plant in Torzhok. The company says its decision to exit Russian joint ventures will lead to impairments. — Bloomberg

LONDON: Shell will exit all its Russian operations, including a major liquefied natural gas (LNG) plant, it says, becoming the latest major Western energy company to quit the oil-rich country following Moscow’s invasion of Ukraine.

The decision comes a day after rival BP abandoned its stake in Russian oil giant Rosneft in a move that could cost the British company over US$25bil (RM105bil).