Shell had already written down the value of its stake with an impairment of $233 million last year. Its directors resigned from the project last July.

"On December 22, 2022, Shell signed transaction documents with GPN to sell its 50% interest in Salym Petroleum

Development Limited Liability Company," Shell said in its fourth-quarter results.

"The Russian branch of Salym has purportedly been transformed into a Russian LLC," it added.

A Shell spokesperson declined to provide detail as to whether Shell would receive any money for the stake.

The transaction is subject to approvals from Russian authorities.

(Reporting by Shadia Nasralla; editing by Jason Neely)