Russia appropriates Sakhalin Energy together with international assets "due to unfriendly actions" of foreigners

Kostiantyn Golubtsov

Kostiantyn Golubtsov

Published: July 01 2022 at 02:31 pm

The need to transfer assets is justified by the "threat of an emergency"

What happened. Russian President Vladimir Putin has signed a decree transferring the assets of Sakhalin Energy to the state.

Source . This is stated on the official portal of legal information of Russia.

Russian President Vladimir Putin
Russian President Vladimir Putin Photo:

Details . Putin's decree, issued "in connection with the unfriendly actions of some foreign states and international organizations," states, in particular, that all rights and responsibilities of Sakhalin Energy are transferred to a Russian limited liability company established by the Russian government. However, it is noted that the Russian government will not be its co-founder or participant.

The need to transfer Sakhalin Energy's assets to state ownership in the decree is justified by "the threat of a natural and man-made emergency, the threat to human life and safety, the threat to Russia's national interests and security" arising from the breach of obligations by certain foreign legal and physical persons ".

Sakhalin Energy was founded in 1994. It is developing the Piltun-Astokh oil and Luna gas condensate fields in the Sea of ​​Okhotsk on the Sakhalin shelf.

In addition to Gazprom, which owns a 50% stake plus one share in Sakhalin Energy, the company was owned by British-Dutch Shell (27.5% minus one share) and Japanese Mitsui (12.5%) and Mitsubishi (10 %).

Shares of foreign companies, according to the decree, will pass to the newly created company. The same new company will receive Sakhalin Energy's property for free use.

Background . Earlier, Russia seized hundreds of commercial aircraft owned by leasing companies in the United States and Europe.

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