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Russia is pursuing more than €1 billion in damages from Shell following the British oil and gas giant's decision to exit the country in response to Vladimir Putin’s invasion of Ukraine. The Russian prosecutor general filed a lawsuit against several Shell entities this month, with a hearing scheduled for December 11, according to court documents.

 

The legal action follows Shell’s decision to withdraw from Russia in 2022, a move that resulted in a $5 billion write-down on its assets. One of Shell’s most significant holdings in Russia was a 27.5% stake in the Sakhalin-2 oil and gas field, a joint venture with Russian state-owned gas company Gazprom and Japanese firms Mitsui and Mitsubishi. However, following Shell's exit, the Russian government seized the joint venture's assets and transferred them to a domestic entity. 

 

Moscow offered all partners an equivalent stake in the new business, but Shell refused to sign agreements with the new entity, objecting to the forced transfer. In response, Russia sold off Shell's stake in Sakhalin-2. Russian media reports at the time suggested that President Putin personally approved the sale, transferring Shell's share to a company called Novatek, which later handed it over to a Gazprom subsidiary.

 

Shell received 94.8 billion roubles (about £740 million) in compensation, which was deposited into a Russian bank account. However, Shell has not recognized the transaction and still considers itself the rightful owner of its stake in the Sakhalin-2 project. Despite the compensation payment, the British company remains locked in a legal battle over the situation. 

 

Now, prosecutors in Moscow are seeking damages against Shell, although they have not publicly disclosed the reasons behind their claim. Shell previously took a $1.6 billion charge related to Sakhalin-2 in the first quarter of 2022. A Shell spokesperson has yet to comment on the latest legal proceedings.

 

The lawsuit adds another layer to the ongoing tension between Shell and the Russian government, highlighting the broader economic fallout from international companies’ decisions to leave Russia in the wake of its invasion of Ukraine.

 

Based on a report from the Daily Telegraph 2024-10-17

 

 

 

[SAFETY FIRST]

7 minutes ago, Social Media said:

Russia is pursuing more than €1 billion in damages from Shell following the British oil and gas giant's decision to exit the country

 

 the British company remains locked in a legal battle over the situation. 

I thought Shell was a Dutch company. 

 

Do you mean BP? 

 

Edited 1 hour ago by SAFETY FIRST