Skip to Content

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. 

Article Topic Follows: AP National Business

Jump to comments ↓

Author Profile Photo

The Associated Press


News Channel 3-12 is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.

Skip to content