Germany’s BASF takes huge writedowns as unit exits Russia

BERLIN (AP) — Germany-based chemicals maker BASF says it is taking some 7.3 billion euros ($7.9 billion) in write-downs related to the exit from Russia of its Wintershall Dea gas and oil subsidiary. Wintershall Dea said late Tuesday that it “intends to fully exit Russia in an orderly manner complying with all applicable laws and regulations.” The unit’s CEO said in a statement late Tuesday that “continuing to operate in Russia is not tenable.” He said Russia’s war in Ukraine “is incompatible with our values and has destroyed cooperation between Russia and Europe.” Wintershall Dea has a 15.5% stake in the operator of the Nord Stream 1 pipeline under the Baltic Sea, which is majority-owned by Russia’s Gazprom.