Energy giant Shell to end partnership with Russia’s Gazprom as Ukraine conflict intensifies

The central processing plant for oil and gas in Salym, Russia, Feb. 4, 2014. Salym Petroleum Development is a venture between Shell and Gazprom Neft.

As the Russia-Ukraine conflict continues, Shell said Monday it is ending its equity partnership with Russia's Gazprom.

Shell is selling a 27.5% stake in Sakhalin-II, an integrated oil and gas project located on the Sakhalin island in Russia, as well as a 50% interest in Salym.

Shell CEO Ben van Beurden said in a statement that they were shocked by the loss of life in Ukraine and deplored the act of military aggression which threatens European security.

We are focused on the safety of our people in Ukraine and supporting them in Russia, van Beurden said.

Shell said it was selling its stake in another Russian-controlled oil company. The U.S. and other countries have increased sanctions against Russia following its invasion of Ukraine.

Shell said that it had $3 billion in non-current assets through its ventures in Russia at the end of the year.