Shell says Russia exit has already cost $5 billion

LONDON (AP) — Shell says its decision to pull out of Russia in response to the country’s invasion of Ukraine has already cost the international energy giant as much as $5 billion. London-based Shell said Thursday that the reduced value of Russian assets, credit losses and “onerous” contract terms will cut earnings for the first three months of this year by between $4 billion and $5 billion. The estimate was part of an update released before publication of complete first-quarter earnings on May 5. Shell last month said it was “appalled” by the invasion of Ukraine as it announced plans to exit joint ventures with Russian state-owned energy company Gazprom.