Shell to Write Off Up to $5B After Exiting Russia

Shell to Write Off Up to $5B After Exiting Russia

Shell announced that it will write off up to $5 billion after announcing its decision to exit Russia, Reuters reported.

This amount is more than previously disclosed, despite the fact that the increase in oil and gas prices boosted trading activities in Q1.

Reuters reported that the company stated that post-tax impairments, which will be between $4 billion to $5 billion during the Q1, will not impact the company’s earnings.

Shell planned to write off $3.4 billion, but it raised the value due to additional potential impacts around contracts, reduction of receivables, and credit losses in Russia, the spokesperson of Shell told Reuters.

However, the company expected higher earnings from liquified natural gas (LNG) trading during the quarter compared to the previous three months.

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Fatma Ahmed 1985 Posts

Fatma Ahmed is a staff writer with six years’ experience in Journalism. She is working in the field of oil and gas for four years. She also worked in the field of economic journalism for 2 years. Fatma has a Bachelor Degree in Mass Communication.

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