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Russian court rules local Shell JV to move under Moscow control -Ifx

Published 22/08/2022, 15:42
© Reuters. FILE PHOTO: The Royal Dutch Shell logo is seen at a Shell petrol station in London, UK, January 31, 2008. REUTERS/Toby Melville
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MOSCOW (Reuters) - A Russian court ruled on Monday that Salym Petroleum Development (SPD), a joint venture between Shell (LON:RDSa) and Gazprom (MCX:GAZP) Neft, should be transferred to Russian jurisdiction, Interfax news agency reported, citing the verdict.

© Reuters. FILE PHOTO: The Royal Dutch Shell logo is seen at a Shell petrol station in London, UK, January 31, 2008. REUTERS/Toby Melville

Kommersant daily reported last week that Gazprom Neft was suing to have its Salym Petroleum Development joint venture with Shell be transferred to Russian jurisdiction, and for Shell's shareholding rights to be suspended.

In March, Shell announced plans to end operations in Russia amid Western sanctions imposed over the conflict in Ukraine. The two companies each own 50% of the venture.

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