Shell confirms up to $5bn hit from quitting Russia

Shell will no longer buy oil from Russia as it confirmed a hit from leaving the country (Anna Gowthorpe / PA)

Oil giant Shell has confirmed it will take a hit of between $4bn and €5bn (€3.7bn-€4.6bn) from offloading its Russian assets as the company pulls back from the country.

Bosses said they will no longer buy oil on the so-called spot market but would continue to fulfil contracts on buying fuel from Russia that had been signed before its invasion of Ukraine.