Equinor Completes Exit from All Joint Ventures in Russia

Russia-Ukraine War Equinor Completes Exit from All Joint Ventures in Russia

26.05.2022 Source: Press release Ahlam Rais

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Equinor has transferred its participating interests in four Russian joint ventures to Rosneft. The move to exit all its joint ventures in the country was announced earlier in February by the company as a protest against Russia’s invasion of Ukraine.

The exit from all Joint Ventures has been completed in accordance with Norwegian and EU sanctions legislation related to Russia.
(Source: Pixabay)

Stavanger/Norway – On February 27, 2022, Equinor decided to start the process of exiting the company’s Joint Ventures in Russia. Since then, Equinor has halted all new investments into Russia, stopped trading oil and gas products from Russia and announced an impairment of 1.08 billion dollars on the balance sheet as of March 31, 2022.

Equinor has now transferred its participating interests in four Russian joint ventures to Rosneft and is released from all future commitments and obligations. An agreement to exit the Kharyaga project has also been signed. The exit from all Joint Ventures has been completed in accordance with Norwegian and EU sanctions legislation related to Russia.

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