Energy giant’s profits are taking a hit after it withdrew from joint ventures with Russia’s Gazprom.
Shell says its decision to pull out of Russia in response to the country’s invasion of has already cost the international energy giant as much as $5 billion. The reduced value of Russian assets, credit losses and « onerous » contract terms will cut earnings for the first three months of the year by between $4 billion and $5 billion, London-based Shell said Thursday. The estimate was part of an update released before publication of complete first-quarter earnings on May 5.
