2nd Russian Invasion Of Ukraine In 8 Years Too Much For Oil Majors

While the oil and gas industry in the US was working to exploit Russia’s invasion of Ukraine and its gas-enabled leverage over large swaths of Europe, oil majors were scrambling to disentangle themselves from the Russian oil industry. None of the companies, in their statements, explained why Russia’s current invasion of Ukraine made them unable to continue working with the Russian state-owned and -connected now, as contrasted to other Russian actions including its of Ukraine in 2014. On

Sunday, BP announced it was dropping its 20% stake in Rosneft, Russia’s national oil and gas company (writing down as much as $25 billion in the process), and Shell and Equinor made similar announcements Monday. Shell has around $3 billion invested in various Gazprom partnerships and is also involved in Nord Stream 2 pipeline, which it also said it would end. Norwegian national energy company Equinor holds about $1.21 billion in Rosneft investments. (Gizmodo, Reuters, The Hill, New York Times $, Politico Pro $, Reuters; Shell: Axios, Bloomberg $, Reuters, Bloomberg $; Equinor: Reuters)