'Latvijas Gāze' reportedly investigated by State Security Service

The State Security Service (VDD) has allegedly started an inspection to assess whether the decision of “Latvijas Gāze” shareholders to pay dividends to one of the owners – Itera Latvija – is in line with the regulation of sanctions imposed on Russia, TV3 News reported Wednesday evening.

'It is prohibited to make available, directly or indirectly, financial means or economic resources to persons or undertakings subject to European Union sanctions. Activities that result in financial resources or economic resources being held by a natural or legal person subject to sanctions are subject to criminal liability in Latvia,” VDD has indicated.

VDD does not currently provide further comments on the matter.

“Latvijas Gāze”, however, has indicated that there is no violation of the laws.

The net turnover of the “Latvijas Gāze” group was EUR 689.752 million last year, which is 31.3% more than in 2021, while the group's net profit increased 12.1 times to EUR 39.073 million.

The largest shareholders of “Latvjas Gāze” are Russia's Gazprom (34%), Marguerite Gas II S. a.r.l. (28.97%), the German company Uniper Ruhrgas International GmbH (18.26%) and Itera Latvija (16%).

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