Russian president seized multibillion-dollar shares in gas production projects in the Russian Arctic from German Wintershall Dea and Austrian OMV.
The shares of OMV and Wintershall Dea in the Yuzhno-Russkoye and Achimovsky fields were transferred to newly created Russian companies. The presidential decrees formalize the loss of control over Russian assets which OMV and Wintershall Dea announced in January 2023.
Russia accounts for about half of Wintershall Dea's (a joint venture between BASF and LetterOne investment company of Russian billionaire Mikhail Fridman) fuel production. Wintershall Dea is currently in the process of exiting Russia and is divesting all types of assets with Russian connections, including a stake in the Nord Stream pipeline and a joint venture with Gazprom.
Wintershall Dea reported a net loss of €7.3 billion due to the withdrawal from Russia, while OMV expects to incur losses of €1.8 billion.
Earlier, the Russian business gained operational control over a few assets in Russia belonging to Western companies, including eight Carlsberg breweries, as well as enterprises of the French yogurt manufacturer Danone.
The decrees of the president of the Russian Federation state that these steps were taken to "protect national interests" against the background of "illegal and unfriendly actions" by the West against Russian assets.
Alex Shishlo for Rough&Polished
