Equinor To Start Process Of Exiting Its Russian Joint Ventures

(RTTNews) - Equinor (EQNR) said that its board has decided to stop new investments into Russia, and to start the process of exiting Equinor's Russian Joint Ventures.

"We are all deeply troubled by the invasion of Ukraine, which represents a terrible setback for the world, and we are thinking of all those who are suffering because of the military action," said 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 US$1.2 billion in non-current assets in Russia. The company expects 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.