September 26, 2022

Balkan Travellers

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Moscow considers IAEA inspection at Zaporizhia plant “very positive”; Kiev believes that the Russians are “lying and distorting facts.”

Air Liquide will leave Russia and transfer its operations to local managers

Air Liquide, a French industrial group specializing in industrial gases, announced on Friday its intention to leave Russia, where it employs nearly 720 people.

Air Liquide’s operations in Russia account for less than 1% of the group’s revenue, which is expected to reach 23 billion euros in 2021. The French group reports that, In a press releaseIts operations in Russia will not be consolidated in its accounts from 1R September.

Completion of the transaction is subject to approval by Russian authorities and the amount of the sale was not disclosed.

Air Liquide has already spent €404 million on exceptional provisions related to its operations in the country in the first half.

Air Liquide announced its departure from Russia as Russia’s invasion of Ukraine enters its sixth month, prompting several French companies to flee the country. It notably sold Société Générale, its Russian subsidiary Rosbank, in May, but Renault, in particular, sold its stake in Avtovaz, the maker of Lada cars, and retained a six-year buyout option.

Others have suspended their operations, such as luxury group Hermès or sporting goods specialist Decathlon.

On the other hand, like Decathlon, Leroy Merlin and Auchan, which are part of the Mullies constellation, currently maintain their operations in the country, as do agri-food group Danone and pharmaceutical giant Sanofi.

Oil and gas group Total Energy is also not leaving the country, which it said would help “To enrich Russian investors” But last Friday Terneftegaz announced it was selling its stake in the company, accused of producing fuel used by Russian planes involved in the conflict in Ukraine.

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