15 Oct 2024
Well, well, well—look who’s crying foul! Shell, the lovable oil giant with a heart of, well, pure carbon, is now throwing a hissy fit because gasp Russia did something shady. After Vladimir Putin decided to invade Ukraine (as one does), Shell bolted from its Russian investments like a thief in the night. Now, the Kremlin is coming after them for a cool €1 billion, and Shell, bless its greedy little heart, just can’t believe this is happening.
Here’s the scoop: Shell had a 27.5% stake in the Sakhalin-2 oil and gas field, a cozy arrangement with Gazprom (Russia’s state-owned gas company) and a couple of Japanese firms like Mitsui and Mitsubishi. But after Russia basically swiped the joint venture and handed it over to a homegrown entity, Shell decided it wasn’t playing along. Did they think Putin would care? Of course not! Russia casually sold off Shell’s stake—because why not—passing it to Novatek and Gazprom. read more
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