Oil giant Shell has confirmed that it will lose between $4 billion and $5 billion from the sale of its Russian assets as the company withdraws from Russia, AP reports.

Shell has not extended long-term contracts for Russian oil and will only do so on direct government orders, but we are legally required to accept shipments of crude oil purchased under contracts signed prior to the invasion, the company said.

They noted that the state of world oil markets remains unstable.

An update on the cost of ending business in Russia includes Shell pulling out of joint ventures with Gazprom.

The company previously said it would sell a 27.5% stake in a Russian liquefied natural gas plant, a 50% stake in an oil field project in Siberia, and an energy joint venture.

It will also cease its participation in the construction of the Nord Stream 2 gas pipeline between Russia and Germany, the construction of which was suspended by Berlin.

Shell added that its integrated gas division will have pre-tax depreciation between $1.2 billion and $1.4 billion.