President Putin

THE SHELL LEAKS FILES — 13 NOVEMBER 2026

THE SHELL LEAKS FILES — 13 NOVEMBER 2026

Archive reference: SLF-2007-117

The Sakhalin Papers CVII: The Russian Supplier Test — What Was Really “Russian-Made” at Sakhalin II?

A Russian company’s address is not necessarily evidence that its equipment was manufactured in Russia. In 2007, Sakhalin Energy celebrated more than $10 billion in contracts with Russian companies. Three years later, an independent WWF-Russia and International Institute for Environment and Development investigation warned that foreign-controlled contractors and Russian-registered subsidiaries could complicate the meaning of local content. Original company announcements, independent research, procurement disclosures and the operator’s 2024 report reveal why distinguishing Russian suppliers, Russian-made equipment and genuine regional economic benefits is essential to understanding Shell’s original 70% commitment.

AN INDEPENDENT DOCUMENTARY INVESTIGATION

By the Donovan–Shell Archive

Researched and drafted with assistance from ChatGPT. Based on contemporaneous Sakhalin Energy announcements, published Shell-era project records, independent WWF-Russia and International Institute for Environment and Development research, Russian legislation, authenticated operating-company reports and contemporary reporting.

Publication date: 13 November 2026

Collection: The Sakhalin Papers — Shell, Gazprom and Russia read more

*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, the Independent Shell Archive, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All conjured up by internet wizz, Nick Gill.

THE SHELL LEAKS FILES — 11 NOVEMBER 2026

THE SHELL LEAKS FILES — 11 NOVEMBER 2026

Archive reference: SLF-2007-115

The Sakhalin Papers CV: The 70 Percent Question — Shell, Russian Suppliers and the Local-Content Promise Behind Sakhalin II

In June 2001, a senior Shell executive acknowledged that Sakhalin II could not achieve its reported 70% Russian-content target during construction of the technically complex LNG plant. He expected Russian participation to increase over the project’s lifetime. Twenty-five years later, original company disclosures reveal contracts worth tens of billions of dollars, sharply differing measures of Russian participation and an important legal distinction between the original 1994 agreement and Russia’s subsequent production-sharing legislation. The evidence establishes substantial Russian involvement. Whether every original obligation was ultimately fulfilled is a separate question.

AN INDEPENDENT DOCUMENTARY INVESTIGATION

By the Donovan–Shell Archive

Researched and drafted with assistance from ChatGPT, using contemporaneous statements by Shell management, original Sakhalin Energy corporate disclosures, Russian production-sharing legislation, published sustainability reports, contemporaneous industry reporting and historical material preserved in the Donovan–Shell Archive.

Publication date: 11 November 2026

Collection: The Sakhalin Papers — Shell, Gazprom and Russia read more

*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, the Independent Shell Archive, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All conjured up by internet wizz, Nick Gill.

THE SHELL LEAKS FILES — 9 NOVEMBER 2026

THE SHELL LEAKS FILES — 9 NOVEMBER 2026

Archive reference: SLF-2007-113

The Sakhalin Papers CIII: The Sakhalin Gas Promise — What the Island Was Supposed to Receive, and Why Moscow Looked Elsewhere

A 1997 agreement envisaged annual gas supplies of at least 6.25 billion cubic metres for Sakhalin’s regional needs by 2015. Seventeen years later, the Russian government warned that diverting Sakhalin II gas from export markets to domestic consumers could reduce federal revenues by more than 40 billion roubles. Original contractual material, Russian government orders, Shell’s corporate disclosures and contemporary reporting reveal how the island’s energy ambitions became entangled with Russia’s export economics.

AN INDEPENDENT DOCUMENTARY INVESTIGATION

By the Donovan–Shell Archive

Researched and drafted with assistance from ChatGPT, using authenticated Shell corporate reporting, published Russian government orders, historical contractual material, contemporaneous Russian and international reporting, and the Donovan–Shell Archive.

Publication date: 9 November 2026

Collection: The Sakhalin Papers — Shell, Gazprom and Russia

Previous instalment: SLF-2007-112 — The Other Sakhalin Dispute: How Moscow Took Control of the Island’s Oil and Gas Revenues read more

*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, the Independent Shell Archive, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All conjured up by internet wizz, Nick Gill.

THE SHELL LEAKS FILES — 8 NOVEMBER 2026

THE SHELL LEAKS FILES — 8 NOVEMBER 2026

Archive reference: SLF-2007-112

The Sakhalin Papers CII: The Other Sakhalin Dispute — How Moscow Took Control of the Island’s Oil and Gas Revenues

A 1997 agreement promised Sakhalin a substantial share of the revenues generated by its offshore resources. Twenty years later, Russia’s federal government reversed the allocation of Sakhalin II profits-tax receipts, transferring tens of billions of roubles towards Moscow. Original agreements, Russian legislation, corporate disclosures and contemporaneous reporting reveal a struggle over who would benefit from one of the world’s largest energy developments.

AN INDEPENDENT DOCUMENTARY INVESTIGATION

By the Donovan–Shell Archive

Researched and drafted with assistance from ChatGPT, using published Russian governmental and legislative documents, authenticated corporate disclosures, contemporaneous reporting and historical material preserved in the Donovan–Shell Archive.

Publication date: 8 November 2026

Collection: The Sakhalin Papers — Shell, Gazprom and Russia

Previous instalment: SLF-2007-111 — The 1994 Agreement: The Contract Behind Twenty Years of Conflict read more

*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, the Independent Shell Archive, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All conjured up by internet wizz, Nick Gill.

THE SHELL LEAKS FILES — 7 NOVEMBER 2026

Archive reference: SLF-2007-111

The Sakhalin Papers CI: The 1994 Agreement — The Contract Behind Twenty Years of Conflict

How a production-sharing agreement signed before Russia had enacted its governing legislation placed a 17.5% investment-return threshold at the centre of Sakhalin II — and why its financial provisions became the subject of political confrontation, regulatory scrutiny and litigation.

AN INDEPENDENT DOCUMENTARY INVESTIGATION

By the Donovan–Shell Archive

Researched and drafted with assistance from ChatGPT, using authenticated corporate filings, published Russian government and judicial documents, contemporaneous reporting, independent contractual analysis and historical material preserved in the Donovan–Shell Archive.

Publication date: 7 November 2026

Collection: The Sakhalin Papers — Shell, Gazprom and Russia

Previous instalment: SLF-2007-110 — The Hundredth File: How Russia Twice Changed the Rules of Shell’s Biggest Energy Gamble read more

*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, the Independent Shell Archive, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All conjured up by internet wizz, Nick Gill.

THE SHELL LEAKS FILES — 6 NOVEMBER 2026

Archive reference: SLF-2007-110

The Sakhalin Papers C: The Hundredth File — How Russia Twice Changed the Rules of Shell’s Biggest Energy Gamble

A documentary investigation into the Kremlin’s interventions of 2006 and 2022, the environmental and financial disputes, the surviving Shell records, and the consequences that remain unresolved.

AN INDEPENDENT DOCUMENTARY INVESTIGATION

By the Donovan–Shell Archive

Researched and drafted with assistance from ChatGPT, using authenticated Shell corporate disclosures, SEC filings, contemporaneous reporting, Russian regulatory records, independently published environmental research, court proceedings and historical material preserved in the Donovan–Shell Archive.

Publication date: 6 November 2026

Collection: The Sakhalin Papers — Shell, Gazprom and Russia read more

*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, the Independent Shell Archive, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All conjured up by internet wizz, Nick Gill.

THE SHELL LEAKS FILES — 5 NOVEMBER 2026

THE SHELL LEAKS FILES — 5 NOVEMBER 2026

Archive reference: SLF-2007-109

The Sakhalin Papers XCIX: The Shareholding That Survived — Shell’s Bermuda Company, Its Russian LNG Contracts and the Exit That Remained Incomplete

AN INDEPENDENT DOCUMENTARY INVESTIGATION

By the Donovan–Shell Archive

Researched and drafted with assistance from ChatGPT, using authenticated Shell financial statements, original corporate announcements, SEC filings, contemporaneous reporting, historical documents preserved in the Donovan–Shell Archive and publicly accessible regulatory records.

Nearly five years after Shell announced its intention to withdraw from its Russian energy investments, the company’s own financial disclosures reveal a complicated legal inheritance. Shell still reported ownership of 27.5% minus one share in the original Bermuda-registered company that once operated Sakhalin II, even though Russia had transferred the project’s operating rights to a replacement company. One long-term Russian LNG purchase agreement had been declared terminated following non-performance. Another, signed with a Novatek subsidiary in 2015, remained listed in Shell’s 2025 annual report. These are not indications that Shell secretly continued operating Sakhalin II. They demonstrate something more technically significant: withdrawing from an investment, losing control of its operating assets, terminating associated contracts and extinguishing every residual corporate right are different legal and financial events. The authenticated records allow those distinctions to be reconstructed. read more

*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, the Independent Shell Archive, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All conjured up by internet wizz, Nick Gill.

THE SHELL LEAKS FILES — 4 NOVEMBER 2026

THE SHELL LEAKS FILES — 4 NOVEMBER 2026

Archive reference: SLF-2007-108

The Sakhalin Papers XCVIII: The Account That Could Not Pay — Shell’s 94.8 Billion Roubles and Russia’s Compensation Dispute

AN INDEPENDENT DOCUMENTARY INVESTIGATION

By the Donovan–Shell Archive

Researched and drafted with the assistance of ChatGPT, using authenticated Shell financial disclosures, Russian government legal instruments, contemporaneous reporting and available records of proceedings before the Moscow Arbitration Court.

Russia assigned a value of 94.8 billion roubles to Shell’s former interest in the Sakhalin II project. It approved a buyer, changed that buyer, and ultimately transferred the corresponding interest in the replacement Russian operating company to a Gazprom subsidiary. But Shell did not simply receive the money. The explanation lies partly in the original presidential decree of June 2022, which expressly restricted access to sale proceeds pending government-controlled investigations. The financial dispute subsequently became entangled with an entirely separate claim concerning unpaid gas deliveries. Four years after Shell announced its withdrawal from Russia, the company’s own SEC disclosures still describe substantial uncertainty. An examination of the original legal instruments reveals that the restrictions on payment were not an unforeseen complication: they were built into the restructuring from the beginning. read more

*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, the Independent Shell Archive, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All conjured up by internet wizz, Nick Gill.

THE SHELL LEAKS FILES — 3 NOVEMBER 2026

THE SHELL LEAKS FILES — 3 NOVEMBER 2026

SLF-2007-107

The Sakhalin Papers XCVII: Thirty Days to Decide — Putin’s Decree, Japan’s Acceptance and Shell’s Refusal

AN INDEPENDENT DOCUMENTARY INVESTIGATION

By the Donovan–Shell Archive

Researched and drafted with the assistance of ChatGPT, drawing upon authenticated corporate disclosures, official government measures, contemporaneous reporting and the historical Donovan–Shell Archive.

On 30 June 2022, President Vladimir Putin signed a decree that fundamentally altered the ownership arrangements of the Sakhalin II oil and liquefied natural gas project. Foreign shareholders were required to seek Russian government approval to obtain equivalent interests in a replacement operating company. Japan’s Mitsui and Mitsubishi accepted the new arrangements and received approval. Shell refused, formally objecting to the transfer of the original operator’s assets and rights. But the decree contained another potentially consequential provision: Russia could investigate alleged damage caused by foreign shareholders and deduct compensation from the proceeds of their unclaimed interests. The authenticated documents reveal how a decision ostensibly about corporate restructuring became a mechanism through which the Russian state controlled continued participation, asset disposal and the treatment of sale proceeds. read more

*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, the Independent Shell Archive, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All conjured up by internet wizz, Nick Gill.

THE SHELL LEAKS FILES — 2 NOVEMBER 2026

THE SHELL LEAKS FILES — 2 NOVEMBER 2026

SLF-2007-106

The Sakhalin Papers XCVI: The India Option — Shell’s Attempted Sakhalin II Sale and the Buyers Who Never Took Control

By John Donovan — 2 November 2026

On 26 May 2022, Reuters revealed that Shell was discussing the sale of its 27.5% stake in the Sakhalin II oil and liquefied natural gas project with a consortium of Indian energy companies. ONGC Videsh and GAIL were among those identified. Separate negotiations reportedly concerned valuable long-term LNG and crude-oil supply arrangements. For Shell, the talks offered a possible commercial route out of Russia following the invasion of Ukraine. But five weeks later, Vladimir Putin signed a presidential decree transferring Sakhalin II’s operations to a new Russian company. The Indian discussions never produced a completed acquisition. By March 2024, Russia had approved the transfer of the disputed 27.5% interest to a Gazprom subsidiary for 94.8 billion roubles. The money subsequently became entangled in a Russian lawsuit against Shell. Authenticated corporate filings, contemporaneous Reuters reporting and official Russian measures reveal how a proposed commercial exit became a struggle over ownership, compensation and legal rights. read more

*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, the Independent Shell Archive, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All conjured up by internet wizz, Nick Gill.

THE SHELL LEAKS FILES — 1 NOVEMBER 2026

THE SHELL LEAKS FILES — 1 NOVEMBER 2026

SLF-2007-105

The Sakhalin Papers XCV: The Molecule Problem — When Russian Crude Became “Indian Diesel” and Europe Rewrote the Rules

By John Donovan — 1 November 2026

On 5 May 2022, Shell chief executive Ben van Beurden acknowledged a fundamental weakness in efforts to exclude Russian petroleum from international markets. Once Russian crude had been refined in another country, he explained, there was no worldwide system capable of tracing individual fuel molecules back to their geological origin. Diesel produced in India from Russian crude could consequently be classified as Indian diesel. Four years later, the European Union has introduced legislation specifically targeting petroleum products refined in third countries from Russian crude. The authenticated Shell statements, contemporary Reuters reporting and subsequent EU legal instruments reveal how a problem identified publicly by Shell in 2022 became the subject of binding European import restrictions in 2026. read more

*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, the Independent Shell Archive, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All conjured up by internet wizz, Nick Gill.

THE SHELL LEAKS FILES — 31 OCTOBER 2026

THE SHELL LEAKS FILES — 31 OCTOBER 2026

SLF-2007-104

The Sakhalin Papers XCIV: The Blending Loophole — Russian Oil in Shell’s Supply Chain After the Apology

By John Donovan — 31 October 2026

On 8 March 2022, Shell apologised for purchasing discounted Russian crude oil and announced its intention to withdraw from Russian hydrocarbons. Yet its trading arrangements continued to permit purchases of certain refined petroleum products containing almost 50% Russian-origin material. Bloomberg exposed the practice in April. Ukraine’s government accused Shell of exploiting an accounting trick. Shell disputed the allegation that it was deliberately purchasing Russian products for blending and resale. On 27 April, Reuters reported that the company had tightened its trading terms to exclude refined products containing any Russian-origin material. The surviving corporate statements, contemporaneous trading reports and official sanctions records reveal what happened — and the important distinction between a contractual loophole, an actual purchase and an unlawful transaction. read more

*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, the Independent Shell Archive, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All conjured up by internet wizz, Nick Gill.

THE SHELL LEAKS FILES — 29 OCTOBER 2026

SLF-2007-102

The Sakhalin Papers XCII: The Russian Exit — Shell’s 28 February 2022 Announcement and the Financial Reckoning

Four days after Russia launched its full-scale invasion of Ukraine, Shell announced that it would withdraw from its major Russian joint ventures and end its involvement in Nord Stream 2. The decision brought an extraordinary chapter in the company’s history towards its conclusion. The financial consequences were immediate: a $1.614 billion impairment relating to Sakhalin II, a $1.126 billion write-down of its Nord Stream 2 loan and billions more in Russia-related charges. Yet Shell’s subsequent accounts reveal that the withdrawal was neither instantaneous nor complete. The original corporate announcements, SEC filings and contemporaneous reporting establish precisely what happened — and why the consequences remained unresolved years later.

Archive reference: SLF-2007-102
Publication date: 29 October 2026
Collection: The Sakhalin Papers — Shell, Gazprom and Russia
Previous instalment: SLF-2007-101, The Sakhalin Papers XCI, 28 October 2026

Principal authenticated records: Shell plc announcement of 28 February 2022; Shell’s Nord Stream 2 financing announcement of 24 April 2017; Shell’s operational update of 7 April 2022; first-quarter financial results of 5 May 2022; Shell Annual Report and Form 20-F 2022; Shell Annual Report and Form 20-F 2025, filed with the US Securities and Exchange Commission on 12 March 2026. read more

*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, the Independent Shell Archive, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All conjured up by internet wizz, Nick Gill.

Nord Stream Returns to the Headlines: Washington and Moscow Explore a Revival, but Brussels Says No — Where Does That Leave Shell?

By John Donovan — 28 October 2026

An extraordinary new chapter has opened in the Nord Stream controversy. Reuters reports that senior American and Russian figures have discussed bringing a US investor into the Baltic gas pipeline system. But the European Commission has responded with an unmistakable reminder: the European Union is legislating Russian gas out of its energy market. For Shell shareholders, the renewed controversy raises another question. What, if anything, remains recoverable from the $1.126 billion loan that Shell wrote down in 2022? read more

*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, the Independent Shell Archive, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All conjured up by internet wizz, Nick Gill.

THE SHELL LEAKS FILES — 28 OCTOBER 2026

THE SHELL LEAKS FILES — 28 OCTOBER 2026

SLF-2007-101

The Sakhalin Papers XCI: The Security Report Withdrawn — How Germany’s October 2021 Approval Became a February 2022 Reversal

In October 2021, Germany’s economy ministry concluded that certifying Nord Stream 2 would not endanger European gas supplies. Its 54-page assessment acknowledged Russian state control of Gazprom, previous supply interruptions and objections from Poland and Ukraine. Four months later, Germany withdrew the assessment. The original document, subsequently released to the public, reveals what officials believed about Russian gas dependence before the invasion of Ukraine — and why the distinction between commercial infrastructure and geopolitical risk became so consequential for Shell’s investment.

Archive reference: SLF-2007-101
Publication date: 28 October 2026
Collection: The Sakhalin Papers — Shell, Gazprom and Russia
Previous instalment: SLF-2007-100, The Sakhalin Papers XC, 27 October 2026

Principal sources: German Federal Ministry for Economic Affairs, Security-of-Supply Assessment dated 26 October 2021; the ministry’s announcement dated 22 February 2022; Bundesnetzagentur certification proceedings BK7-21-056; Gas Transmission System Operator of Ukraine correspondence dated December 2021; the German-American joint statement of 21 July 2021; Court of Justice of the European Union judgment C-848/19 P; Shell’s original 2017 financing announcement; Shell’s announcement dated 28 February 2022; and Shell’s financial statements filed with the US Securities and Exchange Commission. read more

*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, the Independent Shell Archive, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All conjured up by internet wizz, Nick Gill.

THE SHELL LEAKS FILES — 21 OCTOBER 2026

THE SHELL LEAKS FILES — 21 OCTOBER 2026

SLF-2007-094

The Sakhalin Papers LXXXIV: The Foreseeability Test — What Shell and Its Partners Knew Before the Nord Stream 2 Investment Was Written Off

Shell’s own records establish that its final Nord Stream 2 loan instalments were made in the second quarter of 2020. By then, European legislation had changed, the project was facing legal challenges, American sanctions had disrupted construction and Germany’s energy regulator was deciding whether the pipeline qualified for an exemption. A subsequent European court judgment raises an important question: how much of this risk was foreseeable?

Archive reference: SLF-2007-094
Publication date: 21 October 2026
Collection: The Sakhalin Papers — Shell, Gazprom and Russia
Previous instalment: SLF-2007-093, The Sakhalin Papers LXXXIII, 20 October 2026
Principal sources: Shell’s 24 April 2017 financing announcement; Shell’s published 2022 financial results; European Parliament proceedings; European Commission and Council records; the German Federal Network Agency’s May 2020 decision; the EU General Court’s November 2024 judgment; Allseas’ December 2019 statement; and contemporaneous Reuters reporting.
Evidence classification: Authenticated corporate disclosures, official legislative and regulatory records, judicial findings, contemporaneous journalism and separately identified editorial analysis. read more

*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, the Independent Shell Archive, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All conjured up by internet wizz, Nick Gill.