German oil and gas firm Wintershall Dea, one of the five co-funders of Nord Stream 2, on Wednesday said it is writing off its 1 billion euros ($1.11 billion) financing in the gas pipeline that was suspended last week.

The management board of Wintershall Dea said on Wednesday it would no longer be advancing or implementing further projects in Russia and would be stopping payments to Russia immediately.

The company, co-owned by BASF and Russian billionaire Mikhail Fridman’s investor group LetterOne, said it would remain involved in the existing Yuzhno Russkoye and Achimov natural gas production projects in Siberia.

It holds 25% and 35% stakes in those assets, respectively, according to Wintershall Dea’s annual report.

Wintershall Dea said it also remains active in network operator Gascade, a joint venture with Gazprom that operates a 3,200-kilometre gas pipeline network in Germany.

($1 = 0.9021 euros)

(Reporting by Miranda Murray and Christoph Steitz Editing by Riham Alkousaa)


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