Supermajor Shell has said that it is expecting to write off up to $5 billion in the first quarter of this year, after pulling out from its Russia assets in the wake of Moscow's war on Ukraine.

“For the first quarter 2022 results, the post-tax impact from impairment of non-current assets and additional charges (e.g. write-downs of receivable, expected credit losses, and onerous contracts) relating to Russia activities are expected to be $4 to $5 billion,” the company said in its first-quarter update on Thursday.