Uniper subsidiary Unipro placed under Russian state administration

2 May 2023

The Russian state has published a presidential decree allowing the authorities to introduce temporary administration for assets owned by certain foreign companies in Russia, and that seems to include Uniper, which is currently reviewing the legal situation. In Uniper's case, this concerns a shareholding of 83.73 % in Unipro, which is listed in Russia and has over 4000 employees.

Uniper had already decided to sell this stake in summer 2021 and informed the Russian government about it in autumn 2021. A contract with a Russian buyer was signed in September 2022. The intention to sell was submitted to the Russian authorities for approval, but this has not yet been granted.

However, Uniper has de facto not been able to exercise operational control over Unipro since the end of 2022. In balance sheet terms, Unipro has been deconsolidated and almost completely written off since the end of 2022.

Düsseldorf-based Uniper is an international energy company with activities in more than 40 countries. With around 7000 employees, it makes an important contribution to security of supply in Europe. Uniper’s core businesses are power generation in Europe, global energy trading, and a broad gas portfolio.

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