Breaking News: Russian General Prosecutor’s Office Seeks Over $1 Billion in Damages from Shell Amid Legal Battle
In a groundbreaking development, the Russian General Prosecutor’s office is aiming to collect a staggering 1 billion euros in damages from international energy giant Shell (LON:). This move comes as a result of a lawsuit filed against eight units of Shell, which exited Russia in the wake of Moscow’s military conflict with Ukraine earlier this year.
The lawsuit, which has been filed against various Shell entities including Shell plc, Shell Energy Europe Limited, and Shell Global Solutions International B.V., among others, revolves around a liquefied natural gas-producing plant on the Pacific island of Sakhalin. This plant, which was led by Kremlin-controlled Gazprom (MCX:), has now come under Moscow’s control following Shell’s departure and subsequent Western sanctions.
A hearing on this high-stakes case is scheduled for Dec. 11, as per the Moscow Arbitration court. Shell is yet to provide a response to these allegations.
Stay tuned for more updates on this unfolding legal battle that could have significant implications for both Shell and the global energy market.
($1 = 0.9163 euros)