Shell writes down up to $5bn from offloading Russian assets

Oil company will fulfil contracts on buying fuel from Russia signed before invasion of Ukraine

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The oil company Shell has confirmed it will take a hit of between $4bn and $5bn (3.1bn and 3.8bn) from offloading its Russian assets as the firm pulls back from the country.

Bosses said they will no longer buy oil on the spot market but will continue to fulfil contracts on buying fuel from Russia signed before the invasion of Ukraine.