Media: German concerns wrote off more than 10 billion euros after leaving Russia

German concerns estimate losses associated with the loss of the Russian market, totaling more than 10 billion euros, about this informed German newspaper Handelsblatt, citing its own analysis of the financial statements of German companies.

It is clarified that companies no longer expect to receive income from tangible assets and securities in Russia and Belarus, and therefore decided not to include them in their financial statements anymore. In particular, the German energy concern Uniper wrote off about 2 billion euros from its balance in connection with the Nord Stream 2 project and the Russian subsidiary Unipro.

Previously Uniper reported about a record loss of 12.4 billion euros, mainly due to a decrease in Russian gas supplies to Europe. Of these, 6.5 billion are related to interruptions in gas supplies from Russia and the expected future consequences of limiting fuel supplies to the country. Also, 2.7 billion euros fell on the impairment of Uniper’s stake in the Nord Stream 2 project and assets in the Russian power industry. In addition, high costs are also associated with the fact that the energy concern is forced to purchase gas from European suppliers at prices much higher than those specified in the contract with Gazprom.

To support the company, the federal government, Uniper and Fortum have agreed on a package of measures to stabilize the group. In particular, the German government decided to buy out 30% of the company’s shares and additionally finance it by 7.7 billion euros. In addition, the state development bank (Kreditanstalt fur Wiederaufbau, KfW) will have to increase the amount of loans issued from 2 billion to 9 billion euros.

From June 14″Gazprom» reduced Russian gas supplies and thereby violated its contractual obligations, the report says. Since June 16, Uniper has received only 40% of the contractual gas volumes, from 167 million cubic meters. m. Now the volume of gas supplied through the “Nord Stream” does not exceed 33 million cubic meters. m, that is, no more than 20% of the planned volume. August 31 “Gazprom” will suspend gas pumping for three days due to scheduled work, the company announced this last week, after which gas prices in Europe accelerated growth. Now the cost of the next, September, futures has exceeded $3,000 per thousand cubic meters. m, it is traded at $ 3095, growth has already exceeded 18%, should from London ICE data.

According to the newspaper, the automaker Mercedes-Benz, which has invested about 2 billion euros in Russian subsidiaries and has obligations to credit institutions in the amount of about 1 billion euros, still owns assets in Russia, now these investments are under threat. In addition, the concern Siemens exit from the Russian market cost 1.1 billion euros.

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