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**Hugh** · 28-02-2022, 19:12

https://www.standard.co.uk/business/...n-b985156.html

Quote:

Shell to exit Russia as oil giant joins corporate backlash against Ukraine invasion

Oil giant Shell has bowed to pressure to exit all joint operations with Russian energy firm Gazprom, ditching stakes in natural gas projects and the undersea pipeline Nord Stream 2 worth around $3 billion.

It comes a day after rival BP announced it was to sever links with Kremlin-controlled Rosneft in a move which sent its shares down 7.5% despite rising Brent Crude and natural gas prices.

Norway’s biggest energy company Equinor also announced a retreat from Russia, where it holds assets of $1.2 billion, amid a growing corporate backlash.

Shell holds a 27.5% stake in Gazprom’s offshore gas project Sakhalin-2, which supplies about 4% of the global market for liquefied natural gas.

It is also holds a 10% stake worth $1 billion in Gazprom’s Nord Stream 2, the 750-mile undersea pipeline that had been due to double the flow of natural gas from Russia to Germany before Berlin pulled the plug last week.

CEO Ben van Beurden said: “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’s staff in Ukraine and other countries have been working to manage the company’s response to the crisis on the ground. Shell will also work with aid partners and humanitarian agencies to help in the relief effort.

“Our decision to exit is one we take with conviction,” said van Beurden. “We cannot – and we will not – stand by. Our immediate focus is the safety of our people in Ukraine and supporting our people in Russia.

“In discussion with governments around the world, we will also work through the detailed business implications, including the importance of secure energy supplies to Europe and other markets, in compliance with relevant sanctions.”

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https://www.reuters.com/lifestyle/sp...ce-2022-02-28/

Quote:

MANCHESTER, Feb 28 (Reuters) - UEFA have cancelled their sponsorship deal with Russian energy company Gazprom, European soccer's governing body said on Monday, reaction to the Russian invasion of Ukraine.

"UEFA has today decided to end its partnership with Gazprom across all competitions. The decision is effective immediately and covers all existing agreements including the UEFA Champions League, UEFA national team competitions and UEFA EURO 2024.

The sponsorship deal has been in place since 2012 and has been reported to be worth around 40 million euros per season.

UEFA and FIFA announced on Monday that all Russian national and club teams were suspended from international football.