The new date is Feb 28, 2022.

Shell said on Monday that it would exit joint ventures with Russian gas company Gazprom, becoming the latest firm to sell interests in Russia after the nation invaded Ukraine.

Demand for petrol in Russia to rise after 4 years of falling rates

There is a Shell petrol station in Kazan.

Yegor Aleyev/TASS

In a statement Monday, Shell said it would exit a 27.5% stake in a natural gas facility in Russia, a 50% stake in a group of oil fields in West Siberia, and a 50% stake in an energy project.

At the end of last year, the company said its assets in the ventures were worth about $3 billion.

Shell CEO Ben van Beurden said in a Monday statement that the company will work through the detailed business implications in compliance with a growing list of rules.

Shell, which did not respond to the request for comment, did not say how it would exit its stakes, but did say it would end its involvement with the Nord Stream 2 project.

The decision by the firm comes a day after British Petroleum said it would be exiting its stake in the company.

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We are shocked by the loss of life in Ukraine, which we deplore, because of the act of military aggression which threatens European security, van Beurden said Monday.

Key Background

The economic impact of the invasion of Ukraine by the Russian government has intensified as a result of a growing list of sanctions. The latest round of sanctions was announced by the Treasury on Monday morning, blocking any American citizen from doing business with Russia's central bank, finance ministry or National Wealth Fund.

Tangent

There are other companies that are pulling away from Russian firms. According to reports, the British bank HSBC has told employees it will stop working with several Russian banks. Russian stocks and funds crashed on Monday, as experts warned that the country has become uninvestable for global investors because of international sanctions. Meta, the parent company of Facebook, has taken other measures such as blocking Russian state media from running ads and earning money on the platform.

After the invasion of Ukraine, the Russian-Owned oil firm dropped nearly 20% of its stake.

List of companies supporting Ukraine or taking action against Russia.