Energy

Oil major Shell to write off up to $5 billion in assets after exiting Russia

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Royal Dutch Shell products in Torzhok, Russia.

Andrey Rudakov | Bloomberg | Getty Images

Shell has announced that it will write off between $4 and $5 billion in the value of its assets after pulling out of Russia following the country’s unprecedented invasion of Ukraine.

Thursday’s announcement offers a first glimpse at the potential financial impact to Western oil majors of exiting Russia.

“For the first quarter 2022 results, the post-tax impact from impairment of non-current assets and additional charges (e.g. write-downs of receivable, expected credit losses, and onerous contracts) relating to Russia activities are expected to be $4 to $5 billion,” Shell said in a statement…



Source cnbc.com

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