Ukrainian campaign group Razom We Stand reacts today to BASF’s refusal to commit €229 million in compensation linked to its former Russia business to Ukraine’s recovery, following questions raised at the company’s annual general meeting. Razom We Stand presented 10 questions and made a speech directly to the BASF Board of Directors..
The intervention comes as BASF and former daugher firm Wintershall Dea face growing scrutiny over profits and compensation linked to their former operations in Russia. At the AGM, BASF board members answered questions by Razom We Stand, but did not commit to redirecting the funds to Ukraine during the AGM, instead highlighting previous smaller donations to Ukraine.
The group referred to compensation payments of around €229 million linked to the expropriation of Wintershall Dea’s former Russian assets.
Dr Svitlana Romanko, Founder and Executive Director of Razom We Stand, said:
“BASF has received at least €229 million in taxpayer funds, linked to its former Russia business. From a Ukrainian perspective, the fair and responsible step would be to redirect this public money to support Ukraine’s recovery and the victims of this war. For Ukrainians, this is about accountability for business ties that helped sustain Russia’s war economy.”
Razom We Stand said BASF’s subsidiary Wintershall Dea had longstanding business ties with Russia, including after the 2014 annexation of Crimea, and reported profits from Russian operations after the 2022 full-scale invasion.
The full speech to the AGM and 10 questions can be found here.
Countermotions by Razom We Stand and the Association of Ethical Shareholders Germany.
