Wintershall Dea announced the separation of business from enterprises with the participation of Russia

German oil and gas company Wintershall Dea will legally separate its international exploration and production business, as well as carbon and hydrogen emissions management activities, from all joint ventures with Russian participation by mid-2024, says in a post on the company’s website.

“Our decision is clear: we are leaving Russia. The legal separation of our international business from Russian joint ventures is the next step in this process,” said CEO Mario Meren.

The decision concerns stakes in joint ventures in Russia, as well as stakes in Wintershall AG in Libya (51% of shares), Wintershall Noordzee BV in the Netherlands (50% of shares) and Nord Stream AG (15.5% of shares).

At the end of April Meren informedthat the company has begun closing its St. Petersburg office and is also exploring available options to exit its Russian assets. He called the exit process difficult because of the barriers created, in his assessment, by the Russian authorities.

Wintershall Dea announced its intention to leave Russia in mid-January 2023. Then Mehren said that the restrictions imposed on the activities of Western companies made it impossible to continue working in the Russian Federation and allegedly led to the economic expropriation of joint ventures in the country.