Posted on Mar 1, 2022
Major oil companies pull out of once-promising Russia
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https://www.npr.org/2022/03/01/ [login to see] /oil-majors-pull-out-of-once-promising-russia
Shell announced on Monday it will cut ties with the Russian state-owned energy giant Gazprom. The move follows a similar decision from BP, which on Sunday said it will sell its shares in Russian-state firm Rosneft. The back-to-back announcements signal that even though Western countries have not sanctioned Russian energy firms, businesses no longer see operation in Russia as a safe investment.
Gazprom's and Rosneft's London-listed stocks suffered major losses on Monday, losing 42% and 53%, respectively.
"We are shocked by the loss of life in Ukraine, which we deplore, resulting from a senseless act of military aggression which threatens European security," Ben van Beurden, Shell's chief executive, said in a statement.
Shell announced on Monday it will cut ties with the Russian state-owned energy giant Gazprom. The move follows a similar decision from BP, which on Sunday said it will sell its shares in Russian-state firm Rosneft. The back-to-back announcements signal that even though Western countries have not sanctioned Russian energy firms, businesses no longer see operation in Russia as a safe investment.
Gazprom's and Rosneft's London-listed stocks suffered major losses on Monday, losing 42% and 53%, respectively.
"We are shocked by the loss of life in Ukraine, which we deplore, resulting from a senseless act of military aggression which threatens European security," Ben van Beurden, Shell's chief executive, said in a statement.
Major oil companies pull out of once-promising Russia
Posted from npr.org
Shell Oil Company
Russia
Ukraine
Oil and Energy
Posted 2 y ago
Responses: 3
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Despite the losses they incured by dumping the stocks, it was very likely a prudent move in many respects. As to the loss of life in the Ukraine, I feel for both Ukraine's military AND civilians; but also the Russian soldiers who have no say whatsoever in where and how they're deployed. They're mere cannon fodder. Hardline officers excluded, I think the Russian military personnel are as much victims as Ukrainians.
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We need to pull out of the purchase of oil and gas, as the Canadians and others. Shut are we not leading, every time the amazing Ukraine President speaks another country acts while we hesitate and make excuses. I understand the NATO response better than most, that does not mean we could not push the envelope in every other matter.
Enough is enough.
Enough is enough.
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