“In the current situation, we regard our position as untenable. We will now stop new investments into our Russian business, and we will start the process of exiting our joint ventures in a manner that is consistent with our values. Our top priority in this difficult situation is the safety and security of our people,” says Anders Opedal, President and CEO of Equinor.
Equinor has been in Russia for over 30 years and entered a cooperation agreement with Rosneft in 2012.
At the end of 2021 Equinor had USD 1.2 billion in non-current assets in Russia.
“We expect that the decision to start the process of exiting Joint Ventures in Russia will impact the book value of Equinor’s Russian assets and lead to impairments,” said the company.
