Shell raises Russia writedown to as much as US$5bil

LONDON: Shell will write down up to $5 billion following its decision to exit Russia, higher than previously disclosed, while soaring oil and gas prices boosted trading activities in the first quarter, the company said on Thursday.

The post-tax impairments of between $4 billion and $5 billion in the first quarter will not impact the company's earnings, Shell said in an update ahead of its earnings announcement on May 5.