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March 01, 2022 11:29 AM (REUTERS) - More Western companies are expected to pull out of Russia on Tuesday (March 1), as corporations and investors across industries follow the lead of energy firms BP and Shell that abandoned multi-billion-dollar positions after the invasion of Ukraine.

The moves by BP and Shell leaves Exxon and TotalEnergies SE as the only remaining supermajors with significant drilling operations in Russia.

Highlights Crude oil prices rose on Monday. Russia is facing severe disruptions to its exports after Western allies imposed stiff sanctions on Moscow. Russia could retaliate against these harsh measures by suspending European energy supplies. Crude oil prices climbed up on Monday after the Western nations and Japan imposed more sanctions on Russia, blocking several Russian banks from a global payment system that could cause disruptions to its oil exports. Must Read: Crude oil rises on fresh Russia-Ukraine war warnings The country is facing intense challenges in its exports of almost every commodity ranging from crude oil to grains after Western nations block some Russian banks from the SWIFTS international payment system, a secure messaging system that facilitates rapid cross-border payments, making a smooth international trade flow. In response to the new sanctions, Russia has put its nuclear deterrent on high alert. The nuclear alert coupled with the new sanctions on Russia has created supply concerns among traders.

BP plc sold its entire stake in Russia''s Rosneft after Putin invaded Ukraine.

By Ross Kerber and Ron Bousso (Reuters) – A stream of Western companies pulling out of Russia is expected to grow on Tuesday, as corporations and investors across industries follow the lead of energy firms BP and Shell, which abandoned multi-billion-dollar positions after the invasion of Ukraine.

A stream of Western companies pulling out of Russia is expected to grow on Tuesday, as corporations and investors across industries follow the lead of energy firms BP and Shell, which abandoned multi-billion-dollar positions after the invasion of Ukraine.

Industry sources were of the view that sanctions may have some impact on the long-term operations and also the investment ability of the company in India

Energy giant Shell will join rival BP and other major Western companies in stepping away from its operations in Russia following the invasion of Ukraine.

First BP, then Shell. In just two days, Britain’s twin energy giants have dumped Russian investments nurtured over decades and shut themselves out of the world’s largest energy exporter, probably forever.

BP''s move to exit its stake in Russia''s Rosneft could make BP''s stock more attractive to environmental, social and governance investors.

Large multinational companies are fleeing Russia, joining a large swath of the international community in moving to isolate the nation in response to its brutal invasion of Ukraine. Oil and gas giants BP and Shell announced they are…

Shell Oil is abandoning its energy deal with Russia''s primary energy company as Western leaders take a united stance against the country''s military attack on Ukraine. The Houston-based energy company said it would exit its joint ventures with Russian energy conglomerate Gazprom and its subsidiaries on Monday. Shell''s announcement came a day after BP said…

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