Shell announced on Monday it will cut ties with the Russian state-owned energy giant Gazprom. The move follows a similar decision from BP, which on Sunday said it will sell it’s shares in Russian-state firm Rosneft. The back-to-back announcements signal that even though Western countries have not sanctioned Russian energy firms, businesses no longer see operation in Russia as a safe investment.
Gazprom’s and Rosneft’s London-listed stocks suffered major losses on Monday, losing 42% and 53%, respectively.
“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,” Ben van Beurden, Shell’s chief executive, said in a statement.
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