Putin signs decree to seize control of Gas and oil project from foreign investors

The Russian Ukrainian war is now over 5months and tensions between the two countries continue with more sanctions on Russia and more military support to Ukraine

The latest report gathered by News247gh.com can confirm that Russian President Vladimir Putin signs a decree to seize control over a major gas and oil project from foreign investors having access it.

President Vladimir Putin hours of Thursday signed a decree, handing the rights to the Sakhalin-2 natural gas project to a newly formed Russian company according to Forbes.

He revealed the decree was necessary in order to safeguard the national interest of Russia and the country’s security especially when the West have placed countless sanctions on Russia since February 24th when they invaded Ukraine.

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A lot of companies boycott Russian market days after the invasion. British Energy giant, Shell has also written off the value of its Russian assets and pledged to exit Russia said it is still “assessing the implications of Putin’s new decree.

The project was jointly owned by Russian energy company Gazprom which held a controlling stake of 50% plus a share. Shell, “a British energy giant 27.5% minus one share) and Japanese firms Mitsui (12.5%) and Mitsubishi (10%)”. Interesting thing is countries of all these companies placed heavy sanctions on Russia.

Now, Gazprom will automatically retain its controlling stake and the decree gives other investors one month to decide whether they want to stay on as stakeholders in the new company. Those departing may not fully be compensated” according to the decree. Forbes gathered

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