OMV writes off €2.5B assets in Russia

The Austrian oil and gas company OMV wrote off €2.5 billion worth assets in Russia, company CEO Alfred Stern told a press conference, according to Report.

"The crisis between Russia and Ukraine has led to a €2.5 billion write-off of assets," he said.

In April 2022, the company reported that in the first quarter of 2022 it had written off nearly €2 billion of assets due to loss of revenue from the Nord Stream 2 project and transactions related to the Russian Federation.

Earlier, OMV announced that it would not invest in Russian projects, intends to review its stake in the Yuzhno-Russkoye field (24.99%), and also that it will review its participation in the Nord Stream 2 gas pipeline project.