Tuesday, March 01, 2022

The war on Syria emboldened Russia and its relentless targeting of civilians in Ukraine

March 1, 2022 

Damaged buildings in a residential area after the Assad Regime carried 
out air strikes in Idlib, Syria on 28 August 2019 [Muhammed Said/Anadolu Agency]


Amelia Smith
amyinthedesert
March 1, 2022 

In 2012, six months into the protests in Syria, activists asked for UN observers to be embedded with demonstrators to stop the Assad regime shooting indiscriminately into the crowd. They called for a no-fly zone, the same international protection from NATO that led to the overthrow of Libyan dictator, Muammar Gaddafi. They were given neither. A decade of brutality later and over 200,000 civilians have been killed in the Syrian war, around 25,000 of whom are children.

The scale of destruction in Syria would not have been possible without Russian President Vladimir Putin's support for Bashar Al-Assad, whose power was waning considerably by 2015 when Russia entered the war. Together with Iran, the three powers bombed hospitals, schools, and markets and took back swathes of territory that had been captured by the opposition.

Now, Russia has turned its attention to its neighbour, Ukraine, in a conflict playing out that has striking similarities to its war on Syria. Reports indicate that in Ukraine, Russia has used cluster munitions to kill and injure civilians and damage schools and hospitals. In February 2016, Human Rights Watch said that Russia had used cluster munitions in Syria at least 14 times over two weeks, killing 37 people.

In one set of images, mothers and pregnant women hide in the basement of a makeshift maternity hospital in Kyiv after a doctor moved his patients there to escape from Russian shelling. In the summer of 2016, Assad and Putin were blamed for hitting two maternity hospitals in Idlib Province. Residents in Ukraine have been asked to take shelter underground to avoid being hit by stray bullets, evoking memories of the thousands of children hiding in basements in 2018 in eastern Ghouta after they endured 48 hours of air strikes and artillery shells.

According to a leaked document from the Russian Ministry of Health and reported in The Daily Mail, military chiefs fear Putin will order a chemical weapons attack as the fighting continues in Ukraine. Several Western officials have expressed serious concern about what would happen if Putin uses thermobarbaric bombs, which have inside a mix of fuel and chemicals, on Ukraine.



Russian military tanks advance in Donetsk, Ukraine on 24 February 2022
 [Stringer/Anadolu Agency]

In Aleppo, Russia dropped thermobarbaric bombs, said to be the most powerful explosive besides nuclear weapons, and described as a phosphorous-like substance that causes severe and fatal burns, and ballistic missiles, yet has never been held to account. In a chilling statement in 2018, Russian officials gloated that they had tested more than 200 weapons in Syria.

A UN report released two years ago investigated atrocities in Syria and concluded that Russia had direct involvement in war crimes for the indiscriminate bombing of civilian areas. Four days before Russia invaded Ukraine, Human Rights Watch said they believed the "war crimes strategy" could take place again in Ukraine. "We are deeply concerned that this war crimes strategy (could) be replicated in the case of Ukraine should armed conflict break out there," director Kenneth Roth said.

READ: Europe's dilemma over the Russia-Ukraine conflict: Caught between economic interests and war

As history repeats itself, the frustration in Syria's Idlib is palpable, where locals have not only expressed solidarity with Ukraine but called on the international community to take meaningful collective action to avoid further civilian deaths. On Monday, 40 Ukrainian civil society groups called on Western countries for emergency medical equipment, the supply of technology to support human rights groups and to establish safe zones inside the country for internally displaced people.

For the safe zone to be implemented air power would be required but, so far, NATO has said it is not willing to enter into a direct conflict with the Russian Air Force. In Syria, the call for a no-fly zone over the country became one of the most long-running debates of the entire war and is still today held up as the example of what the West could have done to stop the slaughter of civilians, but did not.

The size and quantity of weapons and equipment being sent to Ukraine is raising questions. Some Syrians have asked why, at the beginning of their revolution, requests for anti-aircraft missiles were ignored, whilst several European countries have already sent consignments to Ukraine. Relentless aerial bombardments and shelling were the modus operandi of the Syrian forces, backed up by Russia, and the lack of anti-aircraft missiles kept the Syrians civilians defenceless.

It is also impossible to ignore the speed at which the West has responded to the Ukrainian resistance, within days of Russia's invasion when, for six months, Syrian protesters received little more than statements of solidarity. If the West had acted faster in Syria, Russia would not feel so emboldened today to strike so many civilians in Ukraine. Why, Syrians have asked, is Russia an enemy in Europe but not in Syria? That said, Putin's defeat now would change how he operates in Syria. One thing is for sure – wherever it happens, war comes at an incredible cost, especially to civilians.

The views expressed in this article belong to the author and do not necessarily reflect the editorial policy of Middle East Monitor.
China spy think tank says Russia sanctions will backfire


Ukrainian soldiers take positions outside a military facility as two cars burn, in a street in Kyiv, Ukraine, Saturday, Feb. 26, 2022. Russian troops stormed toward Ukraine's capital Saturday, and street fighting broke out as city officials urged residents to take shelter. (File photo: AP)

Russia Ukraine conflict

Bloomberg
Published: 01 March ,2022: 

A Chinese research organization that advises President Xi Jinping says Russia can weather the sanctions it’s been hit with in recent days, and predicts the US and European allies will wind up suffering for supporting Ukraine.

Russia has largely adapted to dealing with punitive financial measures since 2014, when it was penalized for seizing Crimea, Ma Xue, an associate researcher at the China Institutes of Contemporary International Relations, wrote in an article published on social media Tuesday.

Cutting off Russian banks from the SWIFT money messaging system will wind up hurting Europe roughly as much, according to Ma, whose research body is linked to the Ministry of State Security, China’s civilian intelligence agency.

Ma added that the US could also incur major costs in the future providing economic and humanitarian aid to allies, and that Europe could be destabilized by large numbers of fleeing Ukrainians.

“If the Ukraine refugee crisis is not properly handled, this will be conducive for Russia to sow hatred and sabotage NATO,” Ma wrote.

“The fierce debate on refugee problems inside Europe could also damage its unity at crucial moments.”

Ma’s views on sanctions contrasts with the early reactions to the measures, which included cutting off the Russian central bank from its pile of foreign exchange. That move sent the ruble tumbling the most since the 1990s.

A slew of foreign companies, including BP Plc and Shell Plc, are leaving the world’s No. 11 economy over the financial and reputational risks, and Russian industrial-metal exports have sunk as commodity buyers and financiers pull back.

Why SWIFT Ban Is Such a Potent Sanction on Russia: QuickTake

Still, China could provide some support for Russia to keep the punishments from biting too hard. Chinese companies are expected to scoop up discounted Russian oil if sanctions deter other buyers, traders have said.

It could also provide a financial lifeline because the People’s Bank of China has a multi-billion-dollar currency swap with its counterpart in Moscow, allowing the nations to provide liquidity to businesses so they can continue trading.

Russia has also worked to remove the dollar’s hold over its financial system in recent years -- selling most of its US Treasuries in 2018 -- as it girded for potential sanctions.

 'I voted for peace, not a war': Russian politicians break ranks with Kremlin to condemn Ukraine invasion

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Ukraine in fierce fight against advancing Russian forces

The United Nations said more than 150,000 Ukrainians had fled for Poland, Moldova and other neighboring countries and warned the number could grow to 4 million if fighting escalates.

Russia’s invasion of Ukraine is proving so unpopular that several Russian MPs are withdrawing their support for the Kremlin.

The State Duma, the lower house of Russian parliament, last week voted to recognise the independence of eastern Ukraine’s separatist regions. President Vladimir Putin signed the motion into law on Monday.

READ MORE:
Ukraine invasion: Is letting a sleeping dog lie always the right answer?
Ukraine's President refuses to flee, urges the country to ‘stand firm’
Ukrainian couple spends first day as newlyweds fighting the Russian occupation

Two days later, Russia’s upper house of parliament gave the green light to sending Russian troops “abroad”. However, it was not clear until Thursday morning that Putin had ordered a full-scale invasion of Ukraine.

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EU to 'paralyse' assets of Russian central bank

European Commission chief Ursula von der Leyen says Brussels will propose to freeze the assets of the Russian central bank, in a major escalation of sanctions against Moscow following the invasion of Ukraine.

Mikhail Matveyev, a member of the State Duma, called on the Kremlin on Saturday to stop the invasion.

“By voting to recognise the independence of the Donetsk and Luhansk People’s Republics, I voted for peace, not a war. For Russia to become a shield for the Donbas, not for bombing Kyiv,” he said.

Another MP, Communist Oleg Smolin, said on Friday he was “shocked” by the invasion and was sorry for the loss of life.

Their statements came amid a myriad of anti-war petitions from Russian teachers, scientists and doctors.

A famed Soviet photographer and author called on Putin and his entourage to retire in a video clip posted on Novaya Gazeta’s website.

“Why don’t you all have some rest? You did such a great job. You all are pension age. It’s time to retire,” said Kyiv-born 83-year-old Yuri Rost.

AP
Russian President Vladimir Putin's invasion of Ukraine has proven unpopular with some at home, including several MPs.

Even some of the most Kremlin-friendly pundits began to publicly question the rationale behind Moscow unleashing a war on a sovereign nation.

Andrey Kortunov, director of the Russian International Affairs Council that advises the foreign ministry, told the BBC on Saturday he had not advised Russians officials to launch an invasion and that many in the Russian government were shocked at the decision.

“I would say that many of us in the foreign office were surprised and I would say shocked and I would even say devastated to see what is happening,” he said.

“This is an important red line that was crossed by the Russian leadership and the repercussions are likely to be very significant.”

Russia’s foreign ministry sought to punish some of the country’s most respected journalists for speaking out against the invasion.

Elena Chernenko, a veteran foreign affairs reporter for the Kommersant newspaper who often travelled with Sergey Lavrov, the foreign minister, said on Friday she was ejected from his pool for “unprofessionalism”.

Condemnation of the war was spreading across Russian society on Saturday. Architects, doctors and psychiatrists all published their anti-war petitions to add to earlier appeals by representatives of other professions.

Sporadic protests were reported in several Siberian cities, while in Moscow, police sealed off a central square, fearing unrest.

In St Petersburg, activists came to the city’s Piskaryovskoye cemetery, the resting place for the victims of the Siege of Leningrad, where they donned masks depicting skulls and held placards saying: “There are no patriots among the dead.”

Garage Museum of Contemporary Art, Moscow’s major contemporary art foundation, said it would halt work on “all exhibitions until the human and political tragedy that is unfolding in Ukraine has ceased”.

“We cannot support the illusion of normality when such events are taking place,” the museum said in a statement.


SCREENGRAB
Police officers detain a woman in St Petersburg as Russians protested against their country's invasion of Ukraine.

The museum was founded in 2008 by Dasha Zhukova and her then husband Roman Abramovich. On its Facebook page, the museum posted a black square, a symbol of Russia’s burgeoning anti-war movement.

In Moscow and London, several staff at the Russian state-funded news outlet RT reportedly resigned in response to the invasion.

The Moscow Art Theatre, Russia’s legendary drama theatre, has redone the logo on its Facebook page, adding a dove with a peace branch to the seagull from Anton Chekhov’s eponymous play.

For the third consecutive day, Russian state media appeared on Saturday to avoid calling the invasion a “war” and described it as a “special operation in the Donbas”. Their coverage focused on incremental gains made by separatist fighters in the region of eastern Ukraine, propped up by Russian forces.

Russian authorities who on Friday threatened to go after independent media quoting “unofficial” sources in their coverage moved to ban the word “war.”

Russia’s communications watchdog asked 10 media outlets to delete articles containing reports of civilian deaths and air strikes on Ukrainian cities, which according to the Kremlin do “not correspond to reality”.

The watchdog also took issue with the media calling Russia’s military operation “an assault, an invasion or a declaration of war”.

The media outlets that refuse to comply would have their websites blocked and face hefty fines.

Russian officials later on Saturday also appeared to make good on their threats to limit access to social media as Facebook and Twitter were taking longer than usual to load.

The Telegraph

 UK

Empty Argos store at Castlepoint being used for donations for Ukraine

By Nicole Baddeley @nicole_baddeleyDigital reporter
 

OVERWHELMING amounts of donations for people in Ukraine has led to Bournemouth’s biggest shopping centre offering up a warehouse to kind-hearted volunteers.

It comes just days after organisers from a newly formed group - Help from Bournemouth to Ukraine - set up an appeal for donations.


Yesterday the group, who have been organising donations across Dorset, had to halt collections at their main centre while the warehouse at Castlepoint was secured.

READ MORE: How Dorset residents can help people in Ukraine

Castlepoint management has given the group the use of the old Argos warehouse and shop as a drop-off point and storage facility for all donations.

Karol Swiacki and Castlepoint management securing the Argos donation centre

People with donations can drop them off in the main Argos store - through the blue doors - on the top level of Castlepoint between 9am and 5pm daily.

Karol Swiacki, organiser of Help from Bournemouth to Ukraine, said: “They will give us almost everything, boxes, trolleys - it’s just fantastic.

“They will also support our action with their 20,000 customers - that’s out of this world.”

Thousands of donations have been pouring in from Dorset residents to help people affected by the war in Ukraine.

Daniel Sulimierski, owner of Food Plus - the main collection point in Boscombe, said:

“They are our neighbours we need to help.

“And it’s overwhelming, we didn’t expect this much.”

The group already has three warehouses full of donations and two lorries in Southampton ready to go to Poland.

READ MORE: Ukraine: Bournemouth residents protest Russian invasion

Donations at the Parkstone Delicatessen

Karol said: “We didn’t expect this, what is happening now is just.. Wow.”

Operating the satellite donation point for Daniel and Karol from Ferndown Post Office, Paul Burnett said: “We’ve had to take our consulting room out of use to house donations and we’ve already had a lot in just one morning - they just keep coming.

“The average person in Ukraine has suddenly had this land on them, they’ve all been displaced and they’ve got nothing.

“They’ve gone from a lifestyle like ours to being refugees overnight.

“In this day and age the fact that there can be a war like this, it’s awful.”

Paul Burnett at the Post Office in Ferndown

Another satellite donation point has opened at the Parkstone Delicatessen where a warehouse has been filled with donations that keep on coming.

Krystian Andizejewski from the deli said: “The people of Ukraine are suffering so much and we need to help them.


“If we needed help, they would help us and that’s how it is - especially for the kids.

Lucy Gomm and her daughter India, 8, from Lilliput had spent the morning shopping for baby goods to donate to Ukraine.

Lucy said: “All of those people, especially the children, have had to flee from their homes.

"Having children of my own I find it quite heartbreaking to be honest.

“I think it’s really important for them [children] to realise it’s not that far away and there are things that we can do to help.

“We’ve just been in the shop and I said to Indy, what do you think the children will need - it’s awful, it’s so shocking to think that it can happen now.”
Russia-Ukraine war: Russian billionaires send stern message to Vladimir Putin

A billionaire in Moscow told Reuters on condition of anonymity that the war was going to be a catastrophe. "It is going to be catastrophic in all senses: for the economy, for relations with the rest of the world, for the political situation," the billionaire said.

India Today Web Desk
London March 1, 2022

Vladimir Putin. (Photo: Reuters)

Russian billionaires Mikhail Fridman and Oleg Deripaska have called for an end to the ongoing Russia-Ukraine war triggered by President Vladimir Putin's assault on the neighbouring country. Another billionaire in Moscow said that the war was going to be a catastrophe, according to a Reuters report.

The Russian currency plunged about 30 per cent against the US dollar after Western nations announced moves to block some Russian banks from the SWIFT international payment system and to restrict Moscow's use of its massive foreign currency reserves.

The economic squeeze got tighter when the US announced more sanctions to immobilise any assets of the Russian central bank in the United States or held by Americans. The Biden administration estimated that the move could impact “hundreds of billions of dollars” of Russian funding. Biden administration officials said Germany, France, the UK, Italy, Japan, the European Union and others will join the US in targeting the Russian central bank, according to a report in the Associated Press.

TRAGEDY FOR PEOPLE OF RUSSIA, UKRAINE


Billionaire Fridman, who was born in western Ukraine, said that the conflict was driving a wedge between the two eastern Slav peoples of Russia and Ukraine who have been brothers for centuries, according to the Reuters report.

"I was born in Western Ukraine and lived there until I was 17. My parents are Ukrainian citizens and live in Lviv, my favourite city," Fridman wrote in the letter, Reuters reported.

"But I have also spent much of my life as a citizen of Russia, building and growing businesses. I am deeply attached to the Ukrainian and Russian peoples and see the current conflict as a tragedy for them both."

The Russian billionaire, Oleg Deripaska, used a post on Telegram to call for peace talks to begin "as fast as possible".

"Peace is very important," said Deripaska, who is the founder of Russian aluminium giant Rusal, in which he still owns a stake via his shares in its parent company En+ Group.

On February 21, Deripaska said there would not be a war.

CRISIS TO DAMAGE TWO NATIONS

"This crisis will cost lives and damage two nations who have been brothers for hundreds of years," Fridman said. "While a solution seems frighteningly far off, I can only join those whose fervent desire is for the bloodshed to end. I’m sure my partners share my view," he said.

One of Fridman's long-term partners, Pyotr Aven, attended a meeting at the Kremlin with Putin and 36 other major Russian businessmen last week, the Kremlin said.

WAR GOING TO BE CATASTROPHE

A billionaire in Moscow told Reuters on condition of anonymity that the war was going to be a catastrophe.

"It is going to be catastrophic in all senses: for the economy, for relations with the rest of the world, for the political situation," the billionaire said.

The billionaires who gathered for a meeting with Putin in the Kremlin on Thursday were silent, he said.

"Businessmen understand very well the consequences. But who is asking the opinion of business about this?"

US SANCTIONS ON RUSSIAN BUSINESSMEN


Washington imposed sanctions on Deripaska and other influential Russians because of their ties to Putin after alleged Russian interference in the 2016 U.S. election, which Moscow denies.

Russia's so-called oligarchs, who once exercised significant influence over President Boris Yeltsin in the 1990s, are facing economic chaos after the West imposed severe sanctions on Russia over Putin's invasion of Ukraine.

Putin, after consulting his security council of senior officials, said he ordered the special military operation to protect people, including Russian citizens, from "genocide" - an accusation the West calls baseless propaganda.

Everton linked Russian billionaire Alisher Usmanov has assets frozen by European Union

Alisher Usmanov, a Russian billionaire who has commercial ties with Everton, was seen the EU freeze his assets and place him on a travel ban as Russia's invasion on Ukraine continues


Chris Bryant suggests seizing Abramovich’s assets


By Samuel Meade
Sports Brand Writer
1 Mar 2022


Russian billionaire Alisher Usmanov, who has commercial ties with Everton, has seen his assets frozen by the European Union as the ramifications continue following Russia's invasion of Ukraine.

Usmanov's company, USM Holdings, sponsors Everton's training ground whilst he also has an exclusive naming-rights option on the club's new stadium.

Toffees owner Farhad Moshiri is chairman at USM Holdings.

The restrictions placed on Usmanov, who is a former shareholder in Arsenal, include a "prohibition from making funds available" as well an EU travel ban.

It is unclear how this will affect the Merseyside club.

An EU Council said on its decision: "Alisher Usmanov is a pro-Kremlin oligarch with particularly close ties to Russian president Vladimir Putin ".

They also claimed that the 68-year-old "actively supported materially or financially Russian decision-makers responsible for the annexation of Crimea and the destabilisation of Ukraine".

Russian billionaire Alisher Usmanov has seen his assets
 frozen by the EU

Roman Abramovich, himself a member of Russia's elite, has stepped back from Chelsea with the spotlight very much on him due to his links with Vladimir Putin.

The billionaire, who has owned the Blues for almost two decades, handed over "stewardship and care" of the club to its charitable foundation on Saturday - although that plan remains in doubt.

Despite that decision Abramovich has continued to be questioned, with some criticising the statement he and Chelsea put out.

However the Russian is attempting to play his part in peace talks.


Roman Abramovich's Chelsea plan in doubt amid further talks with charity trustees

“I can confirm that Roman Abramovich was contacted by the Ukrainian side for support in achieving a peaceful resolution, and that he has been trying to help ever since,” Abramovich’s spokesperson said.

“Considering what is at stake, we would ask for your understanding as to why we have not commented on neither the situation as such nor his involvement. Thank you.”

Labour MP Chris Bryant called on the Chelsea owner's assets to be seized last week and doubled down on that stance since.

Two oligarchs, worth more than £11bn, have spoken out against Putin's actions however.

Roman Abramovich's actions are also under the spotlight 
(Image: Vladimir Gerdo/TASS)

Oleg Deripaska, previously Russia ’s richest man but now under US sanctions, and Mikhail Fridman, worth £9.6bn and named by the US treasury in 2018 as linked to Putin, have both called for an end to the Ukraine invasion.

On Sunday Deripaska tweeted: “Peace is the priority. Negotiations must start ASAP”.

Fridman, who was born in Ukraine, called for an end to the “bloodshed”.

Russia said on Monday that it would hit back against the EU after it came out in support of Ukraine and warned against arming the country with weapons.

Meet the Russian-linked tycoons who gave Tory Party £2million in donations

He said earlier this year: “Not a penny that I earned in Russia has come close to... the UK political system.”
Alexander Temerko gave Tories £1.3million 

Among Russia-linked figures filling Tory coffers is banker Lubov Chernukhin, married to Putin’s former deputy finance minister. She has donated £1.7m. Ms Chernukhin regularly bids in Tory fundraising auctions


Mohamed Amersi gave Tories £750,000 

Deputy Political Editor
Mikey Smith
Whitehall Correspondent
23 Feb 2022

Boris Johnson was today urged to hand back millions in Russia-linked Tory Party donations.

Shadow Foreign Secretary David Lammy warned of “too much connection” between Russian oligarchs and the Tories, saying: “We think that they should hand back £2million.”

Among Russia-linked figures filling Tory coffers is banker Lubov Chernukhin, married to Putin’s former deputy finance minister. She has donated £1.7m.

Ms Chernukhin regularly bids in Tory fundraising auctions.

Last year, then-Foreign Secretary, Dominic Raab accepted £25,000 for his local party from ex Russian bank chief Dmitry Leus, who has lived in England since 2015.

His spokesman has said: “He has played no active part in politics.”

Lubov Chernukhin with ministers in 2019
 (Image: Liz Truss / Instagram)

Alexander Temerko, a businessman born in Soviet Ukraine, has donated £1.3m.

Mr Temerko held senior posts in Russia’s Defence Ministry under Boris Yeltsin, and has said he is “no friend” of Putin.

Dmitry Leus gave Tories £25,000

Businessman Mohamed Amersi and his wife donated £750,000.

Foreign Minister Amanda Milling said all donations were “received in good faith” and declared.

There is no suggestion of wrongdoing by any of the four Conservative donors.



Shell to exit Russian gas ventures

Pedro Goncalves
·Finance reporter
Tue, 1 March 2022

Shell CEO Ben van Beurden said the company is
 'shocked by the loss of life in Ukraine'. 
Photo:Benoit Tessier/Reuters

Shell (SHEL.L) said it would exit its joint ventures with Russian energy giant Gazprom, a day after BP (BP.L) announced it would divest its nearly 20% stake in Russia’s state-controlled producer Rosneft (ROSN.ME).

The decision means that Shell will pull out of its 27.5% stake in the Sakhalin II liquefied natural gas facility, its 50% stake in the Salym Petroleum Development and the Gydan energy venture

In the wake of Russia’s invasion of Ukraine, the oil company will also terminate its involvement in the Nord Stream 2 pipeline project, in which it holds a 10% stake worth $1bn.

The 1,200km pipeline under the Baltic Sea had already been put on hold by Germany.

Read more: Ukraine to auction war bonds to fund armed forces

“We are shocked by the loss of life in Ukraine, which we deplore, resulting from a senseless act of military aggression which threathens European security,” chief executive officer, Ben van Beurden, said.

“Our decision to exit is one we take with conviction,” said van Beurden. “We cannot — and we will not — stand by.”

The value of Shell’s ventures in Russia is around $3bn (£2.2bn), according to company financial statements.

The associated costs will be marked on its balance sheet later this year.

“Shell has been left with little alternative but to divest from its Russian joint ventures as any delay would have seen political and public pressure intensify. It’s so important that the company isn’t seen to be putting profits first given the atrocities being committed in Ukraine,” Craig Erlam, senior market analysts at OANDA, told Yahoo Finance UK.

“The costs of such a move will naturally be extremely high and there’ll be a huge amount of uncertainty around how it will be managed. But acting early will ultimately be to the company’s benefit. And as we’ve seen after BP's decision, the impact on the share price is reasonable.”


Shell's share price is steady at 1,966p. Chart: Yahoo Finance UK

Shell did not say whether it would seek to sell its stakes or write them off.

“The immediate share price impact has been limited, supported by some extent by the ongoing strength of the oil price, which is up by 29% in the year to date. The company expects that the decision will lead to impairments and is currently evaluating the financial implications,” Richard Hunter, head of markets at Interactive Investor told Yahoo Finance UK.

Read more: BP to offload stake in Rosneft and take $25bn hit

“However, those are not likely to be on the scale suffered by BP, and despite the announcement Shell shares remain ahead by 21% in the year to date.”

Business minister Kwasi Kwarteng congratulated Shell on its decision in a tweet, imploring UK companies to continue to pile pressure on to Russia.

Jamie Maddock, equity analyst at Quilter Cheviot, told Yahoo Finance UK that Shell's exit will not have a huge impact to the company's ongoing business.

“In total, Shell’s Russian exposure is around 3% of adjusted earnings and represents a similarly modest component of the group’s operating cash flow. So an exit is fairly immaterial to financials and not disruptive to the ongoing business.

“And while Shell has less exposure to Russia than BP, it’s the business fundamentals that really count and that’s where Shell also has an edge on BP.

“Shell has much more favourable levels of free cash flow over dividends in which there is potential upside to distributions. Shell has lower balance sheet leverage and leverage to higher long-term LNG prices. Once more, Shell has a more modest energy transition plan relative to BP so is less constrained around renewable volume targets.”

Shell's decision follows that of BP, which announced that it would offload its 19.75% stake in the Russian state-owned oil firm Rosneft, which will result in charges of up to $25bn.

Decisions by BP, Shell and Norway’s Equinor (EQNR) to cut ties with their Russian partners have increased the pressure on the likes of TotalEnergies (FP.VI), ExxonMobil, Trafigura and Glencore (GLEN.L) to do the same.