More British companies and organizations are under pressure to cut relations with Russia.
Followed by the oil giant Shell which is the latest firm to abandon gas projects with the country’s state energy behemoth Gazprom.
After receiving public uproar, BP revealed plans to sell its 19.75 percent stake in state oil powerhouse Rosneft the day before.
Shell has been one of the most important partners in the Russian oil industry.
Providing expertise and technology for offshore fossil fuel exploration.
Thanks to a “global cooperation” contract with Gazprom.
It also had a $1 billion investment in Gazprom’s Nord Stream 2 pipeline.
“Our decision to withdraw is one we take with confidence.”
"We cannot – and will not – remain silent, We are outraged and shocked by the loss of life in Ukraine."
“which we condemn as the outcome of a foolish act of military aggression that jeopardizes European security,”
Shell’s chief executive, Ben van Beurden, made the above statement.
Following decades of integration that saw many Russian companies list on the London Stock Exchange.
Along with this, City corporations spend billions of pounds on Russian stocks.
British companies are scrambling to separate themselves from their Moscow counterparts.
Countries all around the world are imposing unprecedented sanctions on Russia.
For instance, targeting the country’s central bank, airlines, energy companies, and major commercial banks, among others.
The costly decisions by BP and Shell to leave a country.
In which they have spent years developing and investing billions of pounds.
Showcases an unparalleled breaking of economic relations.
That will have far-reaching consequences for the global energy industry.
Businesses ranging from City banks and legal companies to consumer products are facing similar difficult options.
One banking official told the Guardian that he had been working nonstop for more than a week to ensure that the sanctions.
Including the banning of some Russian banks’ access to the Swift payments system, were carried out.
According to him, the city had anticipated an “invasion” into Ukrainian territory. “No one foresaw a full-fledged invasion.”
As a result, businesses all around the city are being forced to analyze millions of dollars.