28 Jul 2022 16:26

Linde deconsolidates Russian assets, records losses of $1 bln

MOSCOW. July 28 (Interfax) - Linde has determined that it can no longer control its Russian subsidiaries and has excluded them from the group's reporting, the engineering company said in a financial statement.

"Multiple jurisdictions, including Europe and the U.S., have imposed several tranches of economic sanctions on Russia. As a result, Linde has reassessed its ability to control its Russian subsidiaries and determined that as of June 30, 2022, it can no longer exercise control over these entities. As such, Linde has deconsolidated its Russian gas and engineering business entities as of June 30, 2022," the statement said.

"The impact of the deconsolidation and related impairments is reflected" in the amount of $993 million for Q2, it said.

Linde is a leading global player in the sphere of industrial gas production and engineering. It had turnover of $31 billion in 2021.