A Russian court ordered the transfer of $1.15 billion in Linde assets to local chemical giant Kuibyshevazot. The ruling settles a debt collection claim stemming from a defaulted contract for the Ust-Luga gas processing complex. Linde suspended the project in 2022 to comply with EU sanctions.
The seized assets include 100% of the shares of Praxair Rus LLC. These assets moved to Kuibyshevazot’s balance sheet on August 10. They were previously held by RusChemAlliance, a Gazprom joint venture, after being seized from a Linde UK holding company.
The dispute centers on a 2021 contract where Linde received an advance payment but stopped work. This transfer highlights the rising financial risks for multinational industrial gas companies operating in Russia. No immediate market reaction was recorded for Linde’s primary listing on the Nasdaq (LIN).