Russian President Vladimir Putin signed decrees according to which German Wintershall and Austrian OMV lost their rights in companies developing the Yuzhno-Russkoye field and the Achimov deposits of the Urengoyskoye field. Relevant documents are published at: legal information portal.
Wintershall Dea currently holds a 25.01% stake (74.99%) in the Achim Development joint venture with Gazprom. This German company also manages the joint venture (JV) Severneftegazprom, which is developing the Yuzhno-Russkoye field together with Gazprom and Austria’s OMV.
From the decrees it follows that all rights and obligations of joint ventures will be transferred to LLCs created by the government of the Russian Federation. Thus, the following LLCs will be created: Severneftegazprom, Gazprom YURGM Development, Gazprom YURGM Trading, Achim Development, Achim Sales and Achimgaz.
Previously The New York Times sort of Losses of Western companies leaving Russia.