Shell is writing down up to $5 billion as a result of its withdrawal from Russia, more than was previously revealed
But these post-tax impairments of $4-5 billion in the first quarter are not expected to impact Shell’s earnings with oil and gas prices sky rocketing.
Last month the company said these figures would reach around 3.4 billion dollars.
Shell attested this to issues with contracts, writedowns of receivables and credit losses in Russia.
The oil company’s market capitalisation is about $210 billion but London trading saw it down by 1.2 per cent.
This quarter has been one of the most unstable periods in years for the oil and gas industry amid Russia’s invasion of Ukraine.
