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- ECB chief backs bank mergers amid UniCredit, Commerzbank talk
- China stocks soar on stimulus, but US and Europe retreat
- 100 dead in storm Helene damage, flooding across US southeast
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- Nepal's urban poor count cost of 'nightmare' floods
- E.Guinea, Gabon clash at ICJ over oil-rich islands
- New blow for UK's Starmer as growth data disappoints
- China's top banks to tweak mortgage rates to boost housing market
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- Nepal dam-building spree powers electric vehicle boom
- More than 60 dead from storm Helene as rescue, cleanup efforts grow
- Dozens missing, 9 dead in migrant boat wreck off Spanish Canaries
- Death toll from Hurricane John hits eight in Mexico
- Storm Helene's toll rises as rescue and cleanup efforts gain pace
- SpaceX launches mission to return stranded astronauts
- Storm Helene kills 44, threatens more 'catastrophic' flooding as cleanup begins
- SpaceX set to launch mission to return stranded astronauts
- Storm Helene kills 44, threatens more 'catastrophic' flooding
- Boeing strike grinds on as latest talks fail to reach agreement
- Iran 'news' sites, hackers target Trump ahead of US election
- US ports brace for potential dockworkers strike
- Japan's speedy, spotless Shinkansen bullet trains turn 60
- US hurricane deaths rise to 44, fears of more 'catastrophic' flooding
- Global stocks mostly rise, cheering Beijing stimulus
- Europe en route for Moon with new simulator, says astronaut Pesquet
- Fireworks forecast if comet survives risky Sun flypast
- Argentina judge orders dictionary to delete pejorative definition of 'Jewish'
- Global stocks rise on rate hopes, Beijing stimulus
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- UK clears $4 bn AI partnership between Amazon, Anthropic
- Barca fans barred from Champions League away game over racist banner
- Chinese stocks extend surge, Europe higher on Beijing stimulus
- Pope says Church must 'seek forgiveness' for child sexual abuse
- China caps week of 'bazooka' stimulus for ailing economy with rate cut
- Cuts, cash, credit: China bids to jumpstart flagging economy
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- Iran treads carefully, backing Hezbollah while avoiding war
- Return to sender: waste stranded at sea stirs toxic dispute
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- On remote Greek island, migratory birds offer climate clues
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- China cuts amount banks hold in reserve to boost lending
- Hong Kong, Shanghai extend surge as China optimism boosts markets
- Vietnam president reiterates support for Cuba during official visit
- Drought reduces Amazon River in Colombia by as much as 90%: report
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Shell to take hit of up to $5 bn on Russia exit
British energy giant Shell warned Thursday that it would take a hit of up to $5 billion (4.6 billion euros) on its exit from Russia, following Moscow's invasion of Ukraine.
Impairment from assets and additional charges relating to Russia activities were expected to be between $4 billion and $5 billion in the first quarter, Shell said in a statement after recently signalling its gradual withdrawal.
The news comes after the London-listed energy major announced in late February that it would sell its stakes in all joint ventures with Russian state energy giant Gazprom after the Kremlin launched its assault on Ukraine.
The group said at the time that the ventures were worth about $3 billion.
Shell then announced in March that it would withdraw from Russian gas and oil in line with UK government policy, and also immediately stopped purchases of its crude on the spot market.
The company had also apologised for buying a cargo of Russian oil at a vast discount, adding that it should not have happened.
However, Shell revealed Thursday that it would continue to fulfil contracts on buying fuel from Russia that had been signed before the Ukraine war.
"Shell has not renewed longer-term contracts for Russian oil, and will only do so under explicit government direction, but we are legally obliged to take delivery of crude bought under contracts that were signed before the invasion," it said in the statement.
And the group warned that the state of global oil markets remains "volatile" after prices rocketed to near record levels last month on the back of the conflict.
Britain, which is far less dependent than the rest of Europe on Russian energy, plans to phase out oil imports by the end of the year and eventually stop importing its gas.
A wide range of international companies have stopped doing business in Russia since President Vladimir Putin ordered the invasion of Ukraine on February 24.
- Oil prices jump -
Shell's main rival BP has also announced its departure.
BP said in late February that it would pull its 19.75-percent stake in state energy giant Rosneft, ending more than three decades of investment in Russia.
Shell's first-quarter earnings are scheduled for publication on May 5.
It had swung back into massive profit last year, as oil and gas prices jumped on recovering demand and geopolitical unrest.
Net profit stood at $20.1 billion after a loss after tax of $21.7 billion in 2020, as economies reopened from pandemic lockdowns.
The Ukraine crisis then sent shockwaves across the global oil market because Russia is a major producer.
Oil prices rocketed close to record levels of close to $140 per barrel in early March, although they have since fallen back to around $100 on peace talk hopes.
Shell this year switched headquarters from the Netherlands to Britain after a century and dropped Royal Dutch from its name, in a move aimed at simplifying tax and share arrangements.
L.K.Baumgartner--CPN