The Russian Ministry of Finance and the Bank of Russia have said that the effect of Shell’s withdrawal from the Sakhalin-2 project on the ruble exchange rate should not be overstated. The statement comes amid ongoing discussions in Moscow about market reactions to the move and the implications for Russia’s financial stability.
In a joint session of the State Duma, Anatoly Aksakov, who leads the financial market committee, raised questions about media reports that linked a depreciation wave in early April to Shell exiting with about 95 billion rubles in exchange for Sakhalin-2 shares. He invited participants to comment on the information circulating in the press and emphasized the need to assess any market impact with full evidence. The context involves a government decision that allowed Shell to exit and for the company to transfer value tied to its Sakhalin holdings.
Deputy Finance Minister Aleksey Moiseev stressed that large foreign exchange operations tied to exit transactions must be conducted within the strict boundaries set by the Central Bank. He described public interpretations of the Shell agreement’s impact on the ruble as subject to skepticism while underscoring the regulatory framework that governs such transfers.
Moiseev noted that any government commission permissions, when they involve substantial funds, are always constrained by the foreign exchange requirements of the Central Bank and by tight restrictions designed to preserve monetary stability. He also warned that violations of these rules could prompt a response from the central bank and a potential adjustment in market behavior.
Alexei Zabotkin, the deputy governor of the Bank of Russia responsible for monetary policy, publicly aligned with Moiseev on the overall assessment. He argued that the focus placed by some commentators on this matter is probably overstated and does not reflect a broader economic shift.
Earlier reporting from Kommersant had indicated Novatek’s plans to offset Shell’s 27.5 percent stake in Sakhalin-2, citing unnamed sources. The publication noted that the company had already brought these considerations to the attention of the Russian government, aligning corporate strategy with the country’s regulatory environment and market expectations.