Russia-Ukraine war: Volodymyr Zelenskiy vows ‘Ukraine will be free’; Moscow says threat of nuclear war must be kept to minimum – live

, the British companies that account for two of the world’s seven oil “supermajors”, the first quarter of 2022 has been painfully fascinating.

Both were heavily enmeshed in Russia and now face having to write down a combined £24bn on the value of their businesses, afterShell is expected to take a hit of £3.5bn due to its decision to exit its joint venture with, Russia’s state gas giant, including its stake in the Sakhalin-2 gas project. BP accounts for the lion’s share of the eye-watering sum, due to its 20% stake in state oil firm Rosneft.

It seems only yesterday that BP announced it was taking the stake, in exchange for the takeover of its Russian assets by Rosneft, as part of a new alliance unveiled in a conference at the oil company’s salubrious London HQ. BP boss Bob Dudley, who had himself fled Russia during a dispute with BP’s partners in a former joint venture there,Dudley is enjoying semi-retirement, while Sechin –– sits at Putin’s right hand. The result, after discussions between the government and BP, is divestment and a £20bn hit. Rosneft accounted for £1.9bn of profit last year.

Looked at one way, that’s a lot of money. Looked at another, it’s practically chicken feed for a company that absorbed £50bn of costs from its 2010 Deepwater Horizon oil spill and lived to tell the tale. Moreover, the loss might have been more painful if it weren’t for the fact that oil companies have been making out like bandits due to sky-high oil and gas prices.

God Bless Ukraine and the Ukrainian people. Your bravery and steadfastness is a model for the western alliance to follow. Karma will soon find Putin and the His followers.

Every time you read an article (most it seems) that starts with 'Ukrainian govt officials say...' you can stop reading. Almost everything that comes out of Kiev is debunked within 24 or 48 hours. But our loyal media outlets keep repeating the spin as fact... News, not spin

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