Germany-based chemicals maker BASF says it is taking some 7.3 billion euros (USD 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, Mario Mehren, said in a statement that "continuing to operate in Russia is not tenable."
"Russia's war of aggression in Ukraine is incompatible with our values and has destroyed cooperation between Russia and Europe," he added. He also pointed to restrictions imposed by the Russian government on the operations of Western countries and "external interferences in our joint venture operations."