This is MONEY
Shell may have to write off investment of more than £3bn in major Russian gas project after Vladimir Putin moves to seize control of site
Shell may have to write off an investment of more than £3billion in a major Russian gas project after Vladimir Putin moved to seize control of the site.
The Kremlin has drawn up plans to transfer ownership of the Sakhalin-2 plant, located in the far east of the country, to a new Russian firm citing national and economic security interests.
Putin has given the project’s backers a month to decide whether they will take a holding in the new company, meaning those that refuse could lose all their money. Shell owns nearly 28 per cent of the Sakhalin-2 plant worth around £3.4billion.