Nord Stream 2 investor wants to leave Russia
Wintershall Dea criticized for exploration and production of gas and oil after the Kremlin invaded Ukraine

Wintershall Dea, one of the main European investors in the Nord Stream 2 gas pipeline, has announced it is pulling out of Russia after the company was criticized for continuing exploration and production of gas and oil in the country following the invasion of Ukraine.
In a statement on Tuesday evening, Wintershall CEO Mario Mehren said that the activities in Russia, where Wintershall generated around a fifth of its pre-tax profit in the past financial year, are no longer sustainable almost a year after the conflict.
The Russian war of aggression in Ukraine" has destroyed the opportunities for cooperation between Moscow and Europe and it is becoming increasingly difficult to do business in the country.
Citing the Russian government's imposed restrictions" on the operations of Western companies, as well as outside interference in our joint venture activities," Mehren said his Russia business was facing "economic expropriation."
Wintershall Dea's announcement came just minutes after parent company BASF, the world's largest chemical company by sales, announced a €7.3 billion write-down largely due to the deconsolidation of Wintershall Dea's Russian business.
This left BASF, which last year warned it was "permanently" downsizing its business in Europe, posting a €1.4 billion net loss in 2022, compared to a €5.5 billion net profit € in the previous year.
BASF also pointed out that the Kremlin had taken control of Wintershall's gas exploration projects and said the decision to exit the business in Russia was due to the "loss of effective influence".
Wintershall has three joint ventures with Gazprom in Russia, including one in western Siberia. It is these joint ventures that have put both Wintershall and BASF in the crosshairs of the German media, who questioned whether gas condensate produced by Wintershall's Russian operations could be used by Gazprom to make jet fuel. Wintershall has denied that its gas products are used to fuel Russian aircraft.
A minority stake in Wintershall Dea is London-based investment group LetterOne, which was controlled by Russian billionaire Mikhail Fridman until last year, when he resigned over sanctions.
BASF announced last year that it had stopped consolidating revenues from Wintershall's business in Russia. This meant that while operations continued, payments to and from Russia were halted and the company would not pursue any further projects in the country.
