Uniper announces Russian exit, writes off Nord Stream 2 loans

German energy group Uniper plans to resume plans to divest its Russian subsidiary Unipro and write out the €987mn ($1.08bn) it provided to Russia's Nord Stream 2 pipeline as impairments, in light of Moscow's actions in Ukraine, the company reported on March 8.

Uniper said it "condemns the Russian invasion of Ukraine in the strongest possible terms. With this war, Russia is breaking international law and the principles of the UN Charter." The company, which has contracts for Russian gas supply, said it would not enter into any new such agreements, and said it supported the German government's plan to wean the country off Russian commodities.

"Two things need to be done now: maintain the existing energy flows, and at the same time find ways and means to make the gas supply for Germany and Europe more diverse in the short, medium and long-term and thus less vulnerable to geopolitical risks," Uniper CEO Klaus-Dieter Maubach said.

The company has revived plans for an LNG import terminal in Wilhelmshaven in north Germany – which the government has lent its support to after halting the certification process for Nord Stream 2. German gas supplier Wintershall Dea has similarly written off loans for the Russian pipeline project.