Linde winds down Russian business

Germany's Linde reported on March 17 that it was winding down affected projects in Russia in the wake of Moscow's invasion of Ukraine, and had also suspended all business development for new projects in the country.

The announcement came a day after Germany's Handelsblatt newspaper reported that Linde's business in Russia affected by sanctions had already ceased, or would be shut down in the near future. In its statement, the German industrial gases firm said it was working with relevant governments and authorities to ensure it fully complies with international sanctions.

The EU introduced additional sanctions on March 15 that prevent companies inside the bloc from exporting equipment, technology and services for the Russian energy industry, or investing in new projects in the sector.

"The invasion of Ukraine has led to a humanitarian crisis and Linde is supporting an international crisis relief charity to help ensure access to urgently needed medicine, supplies and aid for families at risk," Linde said. "Our thoughts and prayers are with all those whose lives are threatened or disrupted by this conflict."

Linde is involved in Gazprom's 13mn metric ton/year Baltic LNG project in northwest Russia. In September last year, a joint venture between Linde and Turkey's Renaissance Heavy Industries secured an engineering, procurement and construction contract for the project's liquefaction plant. It has a joint patent with Gazprom for the facility's liquefaction technology.

Oilfield services firm Baker Hughes and Schlumberger also announced this month they would suspend new investments in Russia, joining hundreds of other Western firms that have said they will cease new investments in the country or withdraw from it altogether in light of the war in Ukraine.