Shell has been forced to pull out of a joint project with Russia’s Gazprom Neft, an oil arm of the gas giant Gazprom, over the sanctions.

      The parties established a joint venture for the exploration and development of liquids-rich shales (LRS) in Khanty Mansiysk District (Western Siberia). 

      Cooperation has been aimed at improving the capabilities of the Russian oil industry.

      Shell is a British-Dutch petroleum company focused on hydrocarbons production, processing and marketing in over 90 countries of the world.

      On November 30, 2010 Gazprom and Shell signed the Global Strategic Cooperation Protocol broadening partnership between the companies in exploration, production, processing and distribution of hydrocarbons in domestic and international markets.

      The companies may still continue to work within another JV, Salym Petroleum Development N.V., that produces conventional oil, but it will depend on the outcome of consultations with the regulators.