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.
By John Donovan — 29 October 2026
Shell has not stopped believing in the energy transition. It simply believes the transition should happen somewhere else, to someone else, and ideally on someone else’s balance sheet.
