Shell Quits Russia Gas Ventures as Political Pressure Mounts
- Energy company will exit LNG venture, Nord Stream 2 pipeline
- Shell follows BP in leaving Russia due to Ukraine invasion
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Shell Plc is exiting its Russian gas ventures, including a massive liquefied natural gas facility, after the invasion of Ukraine changed the rules of engagement between Western companies and Moscow.
The decision follows a similar move by BP Plc, which announced on Sunday that it will dump its stake in state-run oil producer Rosneft PJSC, taking a financial hit of as much as $25 billion. Shell is ending its partnerships with Gazprom PJSC, another Kremlin-controlled giant with a leadership closely tied to Russian President Vladimir Putin.