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JSC “Latvijas Gāze” statement regarding the 10th sanctions package of the European Union and its impact on the Company’s operations

Latvijas Gaze
Latvijas Gaze

On February 25, 2023, Council Regulation (EU) 2023/427 amending Regulation (EU) No. 833/2014 concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine (hereinafter – Regulation No. 2023/427) took effect.

According to Article 5o of the Regulation, it is prohibited as of 27 March 2023 for Russian nationals or natural persons residing in Russia to hold any posts in the governing bodies of the owners or operators of critical infrastructures, European critical infrastructures and critical entities.

The JSC “Gaso”, a subsidiary of the JSC “Latvijas Gāze”, is a capital company of significance to national security which owns a critical infrastructure asset – the natural gas distribution network.

Having regard to the above and the requirements of the International and National Sanctions Law of the Republic of Latvia, the JSC “Latvijas Gāze” will take all actions to timely secure the necessary changes in the governance structure of the JSC “Gaso” in line with Regulation No. 2023/427.

There is no other substantial impact on the business activity of the JSC “Latvijas Gāze”.

The JSC “Latvijas Gāze” confirms that in its business as a provider of natural gas trading and supply services it complies with the regulatory enactments of the Republic of Latvia, the European Union and the United Nations (including laws, regulations, decisions, resolutions) that include and/or involve the application of sanctions and other restrictions regarding a number of persons, jurisdictions and territories, as well as the regulatory enactments of the USA that include and/or involve the application of sanctions and other restrictions.

JSC “Latvijas Gāze”


On the JSC “Latvijas Gāze”

Latvijas Gāze is one of the leaders of the Baltic energy industry.

Our goal is to consolidate the leading position of the Latvijas Gāze Group in the Latvian and Baltic energy market by becoming the customers’ first choice among natural gas suppliers and providing the most reliable natural gas supply for the entire region.

The wholesale and sale of natural gas to business customers is carried out in Latvia, Lithuania and Estonia. Following the opening of the Finnish gas market on January 1, 2020, Latvijas Gāze has successfully started natural gas trading in Finland as well. In the household segment, Latvijas Gāze is the biggest and most prominent natural gas trader in Latvia.

After Latvia regained its independence in 1991, a joint state-owned company “Latvijas Gāze” was established by merging the Latvian gas infrastructure and institutions. The privatisation of the company was commenced in 1997 and completed in 2002. Since February 15, 1999, the shares of the JSC “Latvijas Gāze” have been quoted on the Nasdaq Riga stock exchange. Taking into account the requirements of the European Union for the establishment of the natural gas market and the expiry of the privatisation agreement between the state and the shareholders of Latvijas Gāze, the unified transmission and storage operator JSC “Conexus Baltic Grid” was separated from Latvijas Gāze in early 2017, followed by the separation of the distribution system operator JSC “Gaso” on December 1, 2017.

Contact information:

Sandra Joksta

phone + 371 67 374 369