By Giulia Petroni

Germany's Wintershall Dea on Wednesday said that it will write off its financing of the Nord Stream 2 gas pipeline totalling around 1 billion euros ($1.12 billion) and stop payments to Russia effective immediately.

The oil-and-gas producer, which is one of the co-financiers of the pipeline project linking Russia to Germany, said it won't advance or pursue any additional oil-and-gas production projects in Russia.

"The Russian President's war of aggression against Ukraine has shaken the foundations of the company's work in Russia to the core," the company said, adding it is currently in contact with the German government and the European Commission.

Due to the uncertainties associated with Russia's invasion of Ukraine, Wintershall Dea has also decided to postpone its decision on dividend distribution until further notice.

The company remains active in Gascade Gastransport GmbH, which operates a gas pipeline network in Germany, and in the Yuzhno Russkoye and Achimov natural gas production projects in Siberia.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

March 02, 2022 11:49 ET (16:49 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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