Sanctions are receding: Gazprom and BASF have concluded a major deal
Gazprom and the largest concern BASF signed an agreement despite sanctions, a German newspaper reports The World.
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"The world's largest chemical company BASF and Russian energy giant Gazprom have completed an asset swap deal." BASF is expanding its share in oil production in Russian fields, and Gazprom is taking ownership of gas distribution stations in Europe, including those involved in reverse flow to Ukraine.
In particular, the German publication reports, the shares of Wintershall, a subsidiary of BASF, in the joint gas sales and storage business are now entirely owned by Russians.
The exchange of assets between BASF and Gazprom was stopped in December due to sanctions imposed by the West due to the crisis in Ukraine. De facto, this deal marks the beginning of the lifting of economic sanctions against Russia.
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