#LeaveRussia: Wintershall Dea AG is Temporarily Pausing Operations in Russia

The Wintershall Dea Supervisory Board approved a principle decision by the Management Board to exit Russia. As a consequence, Wintershall Dea intends to fully exit Russia in an orderly manner complying with all applicable laws and regulations. Intends to fully exit Russia, write off $1.1 billion investments in Russia. "We no longer see prospects for energy cooperation with Russia in the foreseeable future. Our decision is final. We have started to take appropriate steps in recent weeks. We started the process of closing our office in St. Petersburg, reducing the number of our local colleagues. We also returned our expatriated colleagues from Russia back to their home jurisdictions. We are also considering various options for exiting assets," said the head of Wintershall Dea, Mario Meren. But exiting Russia gets harder by the day.

The Company Statement

July 27, 2023

Wintershall Dea will exit Russia: Wintershall Dea to deconsolidate Russian segment from financial reporting and to record one-off non-cash charge of €5.3 billion in the fourth quarter relating to the deconsolidation as well as other Russia-related impairments. Significant financial flexibility maintained. Wintershall Dea Joint Ventures in Russia economically expropriated. Wintershall Dea intends to fully exit Russia in an orderly manner complying with all applicable legal obligations. German Wintershall Dea completely wrote off its share in the Nord Stream operator due to the impossibility of estimating the terms and costs of restoring the damaged gas pipeline against the background of geopolitics, the company's report says. Wintershall Dea will cut some 500 jobs, or roughly a quarter of its staff, in a separation of its Russian activities.

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Statements Archive

September 11, 2023	Putin extended the ban on gas purchases from a joint venture with OMV and Wintershall above the established price
September 05, 2023	Wintershall Dea axes quarter of jobs as Russia exit nears
September 05, 2023	Wintershall Dea will complete the separation of the international business from the joint venture with the Russian Federation by mid-2024
August 06, 2023	European companies suffer €100bn hit from Russia operations
June 26, 2023	The miser pays thrice. Western companies clinging to Russia are losing markets, business and reputation
June 23, 2023	The miser pays three times. How Western companies clinging to Russia lose markets, business and reputation
April 28, 2023	Exposing the connections between Wintershall’s Siberian gas fields and Russia’s military supply chain
April 26, 2023	Wintershall Dea called the final decision to leave Russia
February 22, 2023	Putin banned Gazprom from buying gas from a joint venture with Wintershall Dea and OMV at a higher price than the regulated price
January 25, 2023	Ukrainian group demands full investigation on war crimes, after Spiegel/ZDF expose German government’s greenlighting of investment in Russia
January 24, 2023	Convinced that Wintershall has Ukrainian blood on his hands
January 24, 2023	Fuel for Russia's bombing campaign
January 17, 2023	Gazprom's largest European partner is leaving Russia, recording a loss of more than 5 billion euros
January 17, 2023	Wintershall Dea will exit Russia
December 23, 2022	Gazprom's Trojan horse in the EU. How the German oil and gas giant Wintershall became a victim of the Russians
December 17, 2022	Wintershall Dea announced its intention to leave the Russian Federation after the introduction of regulation on the products of the joint venture
November 04, 2022	A German Company's Questionable Involvement in Russia
March 02, 2022	Wintershall Dea writes off financing of Nord Stream 2

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