(Energy Analytics Institute, 17.Jan.2023) — Wintershall Dea will exit Russia.
Wintershall Dea’s supervisory board approved a principle decision by the management board. As a consequence, Wintershall Dea intends to fully leave Russia in an orderly manner complying with all applicable laws and regulations, the company announced 17 Jan.uary2023 on LinkedIn.
Wintershall Dea will deconsolidate the Russian segment from financial reporting and record a one-off non-cash charge of €5.3bn in the 4Q:22 relating to the deconsolidation as well as other Russia-related impairments.
“Continuing to operate in Russia is not tenable. Russia’s war of aggression in Ukraine is incompatible with our values and has destroyed co-operation between Russia and Europe,” CEO Mario Mehren said.
“In recent months, limitations imposed by the Russian government on operations of Western companies in the country and external interferences in our joint venture operations, made it impossible for Wintershall Dea to operate in Russia as before and resulted in an economic expropriation of the Joint Ventures in Russia,” Mehren added.
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By Aaron Simonsky. © Energy Analytics Institute (EAI). All Rights Reserved.
