British oil giant Shell has confirmed a potential hit to the company of €3.7-€4.6 billion ($4 to $5 billion) from offloading its Russian assets as the company decided to pull out of the country amid Western sanctions.
“For the first quarter 2022 results, the post-tax impact from impairment of non-current assets and additional charges (e.g. write-downs of receivable, expected credit losses, and onerous contracts) relating to Russia activities are expected to be $4 to $5 billion,” the London-based multinational said in a statement on Thursday.
Further details of the impact of ongoing developments in Ukraine will be set out in Shell’s first-quarter earnings report on May 5.