RNFTF - Update: Russian asset exposure takes oil Majors lower

Update: According to Bloomberg's Washington Correspondent, Shell (NYSE:SHEL) intends to exit its joint ventures with Gazprom, as well as its 27.5% stake in the Sakhalin-II LNG facility. Separately, Equinor (NYSE:EQNR) has decided to stop new investments in Russia and begin the process of exiting the Company's Russian JVs. According to the release, the Company holds $1.2b of non-current assets in Russia (~1% of current market cap).    Original story: Following news over the weekend that BP (NYSE:BP) will divest the Company's Rosneft shares (OTCPK:RNFTF), investors have begun to parse through energy sector holdings in Russia. BP shares are down ~5% with oil up ~4% (NYSEARCA:USO) following the news. Management could not be facing a more challenging negotiation, as they look to divest in coming weeks and months; however, others in the sector may face greater challenges from direct Russian asset exposure.   Total (NYSE:TTE) owns 19.4% of Russia's Novatek (OTCPK:NOVKY). Novatek shares were down 67%

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Update: Russian asset exposure takes oil Majors lower