Equinor has decided to exit its joint ventures and has halted all of its investments in Russia, in  addition to stopping the trade of Russian oil and gas products.

The company also announced an impairment loss of $1.08 billion on the balance sheet as of 31 March 2022.

As a result, Equinor has transferred its participating interests in four joint ventures with Rosneft and is free from all further financial and contractual obligations. It has also signed an agreement to terminate the Kharyaga project.

According to the sanctions legislation regarding Russia, Equinor has exited all joint ventures.