Shell ends partnerships with Russia’s Gazprom after Ukraine invasion

• Shell divestments include its 27.5% stake in the Sakhalin-II liquefied natural gas facility, its 50% stake in the Salym Petroleum Development and the Gydan energy venture.
• It said it also intends to end its involvement in the Nord Stream 2 pipeline project, the certification process for which was frozen by German Chancellor Olaf Scholz last week.
• Shell said it had around $3 billion in assets in Russian ventures at the end of 2021, and it warned that its decision to exit "will impact the book value of Shell’s Russia assets and lead to impairment."

What they're saying: “We are shocked by the loss of life in Ukraine, which we deplore, resulting from a senseless act of military aggression which threatens European security,” Shell CEO Ben van Beurden said in a statement Monday.

• “Our decision to exit is one we take with conviction. We cannot — and we will not — stand by," van Beurden said.
• Kwasi Kwarteng, the United Kingdom's energy secretary, said in a tweet Monday that Shell made right call to divest from Russia: "There is now a strong moral imperative on British companies to isolate Russia. This invasion must be a strategic failure for Putin."

• Shell moved its headquarters to London from The Netherlands in December.

The big picture: British oil company BP said Sunday it will exit from its 19.75% stake in Rosneft, the Russian oil giant with ties to the Kremlin.

• That move came after the British government summoned BP CEO Bernard Looney to a meeting with Kwarteng.

What to watch: Whether more major oil and other commodity companies, , including U.S.-based Exxon, pull out of Russian ventures.

Go deeper:

• Putin's war may herald a new energy era
• Live updates: Russian invasion of Ukraine