THE SHELL LEAKS FILES: 21 SEPTEMBER 2026
SLF-2007-064
The Sakhalin Papers LIV: The Russian LNG Contract That Survived — Shell Announced Its Exit in 2022. Its 2025 Accounts Still List the Novatek Deal
In March 2022, Shell announced that it intended to withdraw from all Russian hydrocarbons, including LNG. Yet a long-term contract signed with Novatek in 2015 survived the withdrawal from Sakhalin, survived the disposal of Shell’s Russian retail business, and was still being reported by Shell in its 2025 Form 20-F, published in March 2026. Shell confirmed in 2023 that it was continuing to receive Yamal LNG cargoes under the agreement. The latest accounts confirm that the contract still exists — but do not establish whether Shell is still physically taking cargoes today. New European and British restrictions now place a significant regulatory deadline at the beginning of 2027.
Archive reference: SLF-2007-064
Collection: The Sakhalin Papers
Principal authenticated records: NOVATEK contract announcement, 4 June 2015; Shell Russia statements, February–March 2022; Shell Annual Reports 2022–2025; UK sanctions regulations and guidance; EU REPowerEU gas regulation
Contemporaneous reporting: Reuters, Interfax and Argus
Evidence standard: The existence of Shell’s long-term Novatek contract is established by Shell’s latest SEC filing. Continued physical receipt of Yamal LNG was confirmed by Shell in February 2023. No public evidence located for this instalment establishes that Shell continues taking individual Yamal cargoes in September 2026. Those are separate propositions and are treated separately below.








THE SHELL LEAKS FILES: 15 SEPTEMBER 2026





























