Russia holds out olive branch to Shell

Minister says country is ‘long way’ from backing out of 1993 deal. US adds voice to concerns

Russia attempted to defuse the growing diplomatic crisis over its threats to strip Shell of its licence to operate the $20bn (

Over the weekend, the US government added its voice to the international condemnation of Moscow’s decision last week to withdraw ecological permits for Shell’s Sakhalin-2 venture, saying it was “very concerned” by Russia’s actions. The British, Dutch and Japanese governments have all publicly criticised Russia’s move.

Speaking in New York, Mr Lavrov said: “We are a long way from backing out of agreements we have reached, no matter how difficult the conditions were when they were agreed to.” He was referring to the fact that Shell struck the original deal with the Russian government in 1993, when the then president, Boris Yeltsin, was desperate for foreign investment to help a country on its knees. With the oil price at record highs, the outlook for Russia is vastly different today, however.

The Independent