Escape from Moscow. The invasion of Ukraine will lead to an intolerable war and instability, and a prolonged stay in the Russian market will be detrimental to shareholders. It is for these reasons that emerging multinational corporations in a few days have announced sensational measures from Russia: the closure of decades-old joint ventures, the abandonment of new projects and the repatriation of employees. What is happening is a real mass outflow of big international business in various sectors from Moscow: from energy to transport, from cars to legal services.
Going out first is PP
The first shocking announcement came on Sunday from London, the home of British oil company British Petroleum. The largest foreign investor in Russia has decided To sell its 20% stake in Rosneft, A very painful move from a financial point of view that the Russian state-owned oil company could lose $ 25 billion and cut its global oil and gas production by a third. In the stock market, stocks are already paying 7% decline.
Shell and Equinor on the wheel
Twenty-four hours later, another oily paste came in, like Shell’s method Similar results. Citing Russia’s “ignorant military occupation”, the British multinational corporation announced the termination of its partnership with the Russian state-owned gas company Gazprom, including its involvement in the Sakhalin-II liquefied natural gas plant and the Nord Stream 2 gas project. The pipeline that Germany had already blocked last week. Both projects are worth approximately $ 3 billion.
From the United Kingdom to Norway, the situation will not change. Equinor, Norway’s largest state – owned energy company, has announced it will withdraw from its joint venture in Russia, valued at approximately $ 1.2 billion. “In the current context, we consider our position unsustainable,” said CEO Anders Opedal.
Any Blue Stream will sell its stake in the gas pipeline
Eni withdraws from a partnership in Russia. A spokesman for the group added: “Eni wants to continue selling its stake in the Blue Stream gas pipeline (which connects Russia with Turkey) with Casprom in a joint venture with Casprom.” Eni’s stock in Russia is very low. Existing joint ventures with Rosneft, which is linked to research licenses in the Arctic, have already been stalled for several years due to international sanctions imposed since 2014.
“Total zombie nerd. Extreme bacon scholar. Pop culture fanatic. Beer aficionado. Gamer. Amateur reader.”