Shell to end partnership with Gazprom amid escalating conflict in Ukraine.

• Sakhalin-II, an integrated oil and gas project located on the Sakhalin island in Russia, and Salym Petroleum Development N.V. are the two projects that Shell is selling a stake in. Specifically, Shell is selling a 27.5% stake in Sakhalin-II and a 50% interest in Salym Petroleum Development N.V.
• Shell CEO Ben van Beurden expressed his shock and condemnation of the loss of life in Ukraine, which he deemed a senseless act of military aggression that endangers European security.
• At the conclusion of 2021, the company reported approximately $3 billion in "noncurrent assets" related to its Gazprom investments.

As the Russia-Ukraine conflict persists, Gazprom, a Russian state-owned energy company, has announced the end of its "equity partnership" with Monday.

Shell announced that it is selling a 27.5% stake in Sakhalin-II, an oil and gas project on Sakhalin Island in Russia, and a 50% interest in Salym Petroleum Development N.V., a joint venture with Gazprom Neft that develops the Salym fields in western Siberia. Additionally, the company stated that it is ending its involvement in the Nord Stream 2 pipeline project.

Shell CEO Ben van Beurden expressed his shock and condemnation of the loss of life in Ukraine, which he deemed a senseless act of military aggression that endangers European security.

Van Beurden stated that our top priority is the safety of our people in Ukraine and Russia, and we will work with governments worldwide to discuss the detailed business implications, including secure energy supplies to Europe and other markets, while adhering to relevant sanctions.

Shell announced its stake in Rosneft, a Russian-controlled oil company, a day after BP sold its 19.75% stake in the company. Additionally, the U.S. and other countries have increased their sanctions against Russia due to its invasion of Ukraine.

Shell's Russia assets will be negatively affected by the exit of its investments in Gazprom, resulting in book value impairments and a decrease in noncurrent assets.