August 11, 2022

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Allow Shell to pass the Russian partner to help a subsidiary of a gas station in Ukraine |  Financial issues

Allow Shell to pass the Russian partner to help a subsidiary of a gas station in Ukraine | Financial issues

Cicerone operates more than 130 Shell service stations in Ukraine. Some of them are damaged and no longer work. But the Ukrainian government asked Shell to continue operating the stations as much as possible, so as not to deprive Ukraine of gasoline and diesel.

According to Shell, about $20 million is needed to keep Cicerone afloat. The oil and gas group is ready to make that cash injection, but co-owner Todwick has been holding it back for some time. This company also owns part of Cicerone and Todwick’s cooperation was needed to take action.

Judge

Todwick himself belongs to the Russian oligarch Eduard Khdianatov, a businessman who is also on the EU sanctions list. The company saw nothing in Shell’s plans. In the end, Shell decided to go to court.

The Foundation Chamber says in its decision that it takes into account not only the interests of the companies involved, but also the approximately 1,700 Cicerone employees. In addition, questions are raised about Todwick’s position in the conflict. It has therefore been decided that Shell’s need to work in unison with Todwick will for the time being expire.

Shell is reacting positively to the ruling. This will enable the group to help maintain important national infrastructure in Ukraine.

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