Shell will take a bigger hit than previously thought after withdrawing from Russia following the invasion of Ukraine. In a trading update yesterday, the FTSE 100 oil giant said ending its joint ventures with Kremlin-backed gas producer Gazprom would cost it between £3.1billion and £3.8billion. But Shell said its oil and gas trading arm has benefited from a surge in prices following the outbreak of war – though it added that the market remains 'volatile'. Rival BP pledged to sell its 20 per cent stake in the Kremlin-backed oil company Rosneft, costing the British company £19billion. Shell and BP saw their finances hammered in 2020 as the Covid pandemic hit demand for fuel and sent oil prices tumbling.

Source: Daily Mail April 08, 2022 05:28 UTC