Shell may be forced to abandon its investment in a major Russian gas project after Putin threatened to seize the rights to the facility.
The Kremlin said the rights to the Sakhalin-2 power plant will be transferred to a new Russian company, citing threats to the country’s national interests and economic security.
Shareholders have a month to say whether they will take a stake in the new company, but have been warned they may not get their money back if they don’t.
The move could cause complications for Shell, which owns a 27.5% stake in Sakhalin-2.
The company previously announced it would sell its stake – which Shell shrank in value by $1.6bn (£1.3bn) earlier this year – with Chinese state energy companies linked to a potential deal.
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5) Amazon blocks LGBTQ searches in UAE after political pressure The online giant says it adheres to the laws of the countries where it operates
What happened overnight
Asian markets struggled again this morning after another selloff on Wall Street fueled by recession fears, with warnings of a bleak outlook for the global economy as central banks step up to tackle the surge in the inflation.
Data showing that American consumers – the backbone of the world’s largest economy – were increasingly reluctant to spend dealt another blow to stocks on Thursday, with the S&P 500 suffering its worst January-June since 1970.
With the war in Ukraine showing no signs of ending – keeping energy costs high – borrowing costs are expected to continue to rise and push economies into recession.
After a large decline on Thursday in Asia, the markets struggled to recover but with little conviction.
Tokyo, Shanghai, Seoul, Taipei and Bangkok all fell, although there were small gains in Sydney, Singapore, Manila and Jakarta. Hong Kong was closed for a holiday.
- Company : No scheduled updates
- Economy: Inflation (EU)Manufacturing PMI (UK, US, EU China)mortgage approvals (UK)