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Equinor Exits Russian Joint Ventures

OIL

Norway’s Equinor has announced in a statement today that is has exited from all Joint Ventures in Russia.

  • Equinor diced to exit all Joint Ventures in Russia on February 27, shortly after the invasion of Ukraine.
  • Since then, Equinor has halted all new investments into Russia, stopped trading oil and gas products from Russia and announced an impairment of USD 1.08 billion on the balance sheet as of 31 March 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 according to the statement.

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