Shares of Mitsui, Mitsubishi hit by Russia’s move on Sakhalin-2 project

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Reuters UK

TOKYO (Reuters) -Shares in Japan’s Mitsui & Co and Mitsubishi Corp fell about 5% on Friday after Russia moved to create a new firm to take charge of the Sakhalin-2 oil and gas project in the country’s far east. The new firm will take over all rights and obligations of Sakhalin Energy Investment Co, in which the two Japanese trading companies and Shell Plc hold just under a 50% stake, according to a decree signed by Russian President Vladimir Putin on Thursday. The 5-page decree, which comes amid Western sanctions on Moscow over the invasion of Ukraine, indicates that it is up to the Kremlin to…

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