EQNR Equinor ASA

By Dominic Chopping

Norwegian energy major Equinor ASA said Wednesday that it has completed its plan to exit all joint ventures in Russia.

Earlier this year the company said it would stop trading in Russian oil, halt new investments in the country and exit its Russian joint ventures after Moscow's attack on Ukraine, booking a $1.08 billion impairment on its balance sheet as of 31 March 2022.

"Equinor has now transferred its participating interests in four Russian joint ventures to Rosneft and is released from all future commitments and obligations," it said.

An agreement to exit the Russian Kharyaga oil field project has also been signed, it said.

"The exit from all joint ventures has been completed in accordance with Norwegian and EU sanctions legislation related to Russia," Equinor said.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

May 25, 2022 08:37 ET (12:37 GMT)

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