Shell suffers extreme backlash in form of a writedown of $400 million worth of Russian projects

Shell suffers extreme backlash in form of a writedown of $400 million worth of Russian projects

Shell (RDSa) announced on Thursday that it is facing massive losses on $400 million in Russian downstream projects after previously announcing $3 billion in other projects.

The downstream assets are worth an additional $3 billion. TotalEnergies, a French company, has stated that it will continue to invest in Russia.

The oil company said it was exiting its joint projects in Russia with Gazprom (GAZP) and related businesses, including the Sakhalin 2 LNG plant and the Nord Stream 2 pipeline project.

Honda Motor will cut production in two domestic facilities by about 10% until the end of March, citing a global semiconductor scarcity and geopolitical instability as reasons.

The automaker had already stated that manufacturing would be cut until early March.

As Western sanctions begin to pose banking issues in Russia, Alphabet (GOOGL) Inc’s YouTube and Google Play store are halting all payment-based services, including subscriptions.

Channels on youtube in Russia will be able to make money through adverts and premium services like Super Chat and item purchases from viewers outside of Russia.

Following similar suspensions by Twitter Inc (TWTR) and Snap Inc (SNAP) following Moscow’s invasion of Ukraine, Youtube and Google recently ceased selling internet advertising in Russia.

In Russia, free Google Play apps are still available.

Toshiba (TOSYY) Corp’s largest shareholder and a powerful proxy consulting company have joined a growing number of investors. Institutional Shareholder Services (ISS), a proxy advisory firm, advised against the break-up plan.    

European stock markets fell on Thursday, giving up some of their gains from the previous day ahead of new high-level Russia-Ukraine negotiations.

Investors are now focused on the meeting of Russia’s and Ukraine’s foreign ministers in Turkey. The DAX in Germany sank 1.9 percent, while the FTSE 100 in the United Kingdom fell 1%.

Russia’s invasion of Ukraine has disrupted markets in recent weeks, sending commodities prices and oil prices rising to new highs. In France, the CAC 40 index fell 1.8 percent.

The Nikkei 225 gained 3.94 percent at the Tokyo closing. Futures on the US Dollar Index were up 0.10 percent.

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