Air Liquide's Russian Assets Under State Control

On August 29, 2025, Air Liquide acknowledged a significant decision by Russian authorities regarding its operations in the country. The Russian government has transferred control of the company's Russian assets to state administration. This move aligns with actions previously taken by Russia concerning other European-owned entities.

Air Liquide, aware of the situation, is considering possible responses. The company had already ceased consolidating its Russian activities as of September 1, 2022, and was in the process of selling those assets. By the end of 2022, Air Liquide had recognized a substantial impairment of 586 million euros on its Russian assets, which did not affect cash flow. Consequently, there has been no lingering financial exposure in Russia.