Italian Enel estimated losses from the sale of business in Russia at €527 million

After leaving the Russian market, Enel will incur losses in the amount of €527 million. The Russian subsidiary of the company, Enel RUSSIA,- will buy LUKOIL and Gazprombank-Freesia for €137 million

The Italian energy concern Enel estimated the costs of selling its stake in Enel Russia at €527 million, according to the company's report for the first half of the year.

"The value of Enel Russia's assets has been adjusted to the level of the expected transaction price of €137 million with the recognition of a loss of €527 million," the document says.

At this price, the Russian subsidiary will be bought by LUKOIL and Gazprombank-Freesia. After the sale of assets is completed, the company expects additional costs.

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Earlier, the company noted that the sale of the Russian business should have a positive impact on the group's consolidated net debt of €550 million.

The Italian Enel was the main shareholder of Enel Russia with a 56.4% share. According to BLOOMBERG, Enel Russia brings the Italian parent company just over 1% of gross profit.

Kommersant learned about the freezing of the Enel deal due to Putin's decree Business

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In mid-June, Enel announced the sale of its stake (56.43%) in the Russian subsidiary of Enel Russia. The remaining 43.57% is owned by Cyprus-registered UROC Limited (7.4%), RDIF Investment Management (5.54%) and other minority shareholders (30.63%). Enel Russia owns three state district power plants - Konakovskaya, Nevinnomysskaya, Sredneuralskaya, as well as two wind farms.

On August 9, the Kommersant newspaper, citing sources, wrote that due to a presidential decree on special economic measures in the financial and fuel and energy sectors, the deal to sell Russian energy assets to Italian Enel was frozen.

In early August, Vladimir Putin , by his decree, restricted the sale of their assets in Russian strategic companies to owners from unfriendly countries. Such transactions are prohibited until the end of the year. This also applies to producers and suppliers of heat and electricity.