Wintershall announces withdrawal from projects in Russia
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The German oil and gas company Wintershall Dea announced its intention to leave Russia, transmits company press office.
“Wintershall Dea intends to leave Russia completely in an orderly manner, in compliance with all applicable legal obligations,” the statement reads.
Company CEO Mario Mehren said that in recent months, restrictions imposed by the Russian government on the activities of Western companies in the country have made it impossible for Wintershall Dea to continue operations in Russia and allegedly led to the economic expropriation of joint ventures in the country.
“The company will record a non-cash loss from the deconsolidation of joint ventures in Russia, which, together with other Russian-related losses of Winteshall Dea, in particular the stake in Nord Stream AG and WIGA Transport Beteiligungs-GmbH & Co. KG, will total about 5.3 billion euros,” the press service concluded.
On December 22, Russian President Vladimir Putin signed a decree on the introduction of special economic measures in the field of gas supplies in connection with the unfriendly actions of a number of states. According to the document, “Gazprom”and its affiliates cannot fulfill obligations to foreign companies that are associated with countries that commit unfriendly actions against the Russian Federation.
The Russian government has also approved maximum prices, above which “Gazprom” and its affiliates will not be able to pay for gas supplies from fields developed together with Wintershall and OMV.
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