Equinor

Regulatory Filings • Feb 27, 2022

Equinor to start exiting from Joint Ventures in Russia

Equinor to start exiting from Joint Ventures in Russia

Equinor's (OSE: EQNR, NYSE: EQNR) Board of Directors has decided to stop new

investments into Russia, and to start the process of exiting Equinor's Russian

Joint Ventures.

"We are all deeply troubled by the invasion of Ukraine, which represents a

terrible setback for the world, and we are thinking of all those who are

suffering because of the military action," says Anders Opedal, President and CEO

of Equinor.

Early this week Equinor will present a commitment to contribute funding to the

humanitarian effort in the region.

"In the current situation, we regard our position as untenable. We will now stop

new investments into our Russian business, and we will start the process of

exiting our joint ventures in a manner that is consistent with our values. Our

top priority in this difficult situation is the safety and security of our

people," says Opedal.

Equinor has been in Russia for over 30 years and entered a cooperation agreement

with Rosneft in 2012.

"We have employees from both Ukraine and Russia, and we are proud of how our

people from different backgrounds and nationalities collaborate - with mutual

respect, as one team in Equinor," says Opedal.

Equinor has operated in compliance with Norwegian, European Union and United

States' sanctions. Equinor maintains close contact with the authorities in

Norway, the European Union, the United States, and other countries, and will

continue to comply with any new sanctions relevant to our operations.

At the end of 2021 Equinor had USD 1.2 billion in non-current assets in Russia.

We expect that the decision to start the process of exiting Joint Ventures in

Russia will impact the book value of Equinor's Russian assets and lead to

impairments.

Further information from:

Investor relations

Peter Hutton, Senior vice president Investor relations,

+44 7881 918 792 (mobile)

Press

Ola Morten Aanestad, press spokesperson, International Upstream

+47 480 80 212 (mobile)

This information is subject to the disclosure requirements pursuant to Section

5-12 of the Norwegian Securities Trading Act