March 1

Shell Follows BP Out of Russia as Oil Companies Abandon Putin


The West is promising “massive” sanctions on Moscow in response to Russia’s invasion of Ukraine.

French President Emmanuel Macron said Thursday that European sanctions would target Russia’s military, economy and energy, and Germany’s decision this week to halt certification of the Nord Stream 2 pipeline built by Russia’s Gazprom shows that the vast oil and gas sector isn’t off limits.

But any action that affects Russia’s energy interests will highlight the role played by some of the West’s biggest players, which have generated billions of dollars for the Russian state and are among the country’s leading foreign investors.

Here’s how ExxonMobil (XOM), BP (BP) and Shell (RDSA) are helping keep Russia’s oil-dependent economy afloat.

Photo courtesy of Mike Mozart.

Source: CNN Business (link opens in a new window)