The European Union has added Russian energy company Inter RAO to its sanctions list as part of the 21st package of sanctions against Russia, approved on July 23.
The Council of the European Union says Inter RAO is one of Russia’s largest energy companies, reporting revenues of 1.36 trillion rubles in 2023. The company serves more than 19 million customers and is controlled by the Russian government.
The EU says state-owned companies Rosseti and Rosneftegaz are among Inter RAO‘s shareholders. It also notes that the company’s board includes already sanctioned individuals, including Rosneft CEO Igor Sechin and Dmitry Shugaev, Director of Russia’s Federal Service for Military-Technical Cooperation.
“The government of the Russian Federation receives part of the income of JSC Inter RAO UES in the form of taxes paid by the company and dividends paid by its owners,” the Council said in its justification for the sanctions. “The company therefore financially supports the government of the Russian Federation, which is responsible for the annexation of Crimea and the destabilization of Ukraine.”
Inter RAO owns a 75% stake in Telasi, the company responsible for electricity distribution in Tbilisi. Through the Netherlands-based Gardabani Holdings B.V., the Russian energy giant also owns the Khramhesi 1 and Khramhesi 2 hydropower plants in Georgia. Until December 2016, it also owned the old Gardabani thermal power plant.
