Russia moves to take control of Sakhalin-2 oil and gas project

Russia has moved to take over a major oil and gas project in which Shell has a 27.5% stake. Russian President Vladimir Putin signed a decree on Thursday to take charge of the Sakhalin-2 project. The move could force Shell and Japan's Mitsui and Mitsubishi to abandon their investments as the economic fallout of the Ukraine war spreads. Shell has been in talks with potential buyers for its stake in the project, including some from China and India, according to previous reports by The Daily Telegraph and Reuters. Mitsui has a 12.5% stake in the project and Mitsubishi 10%, while Shell holds 27.5%, minus one share.

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