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Enel Sells Russian Unit as Gas Standoff With Europe Intensifies

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Enel SpA sold its entire stake in its Russian unit, marking a dramatic reversal for the Italian utility which had been betting heavily on Russia before the invasion of Ukraine. 

Enel announced on Thursday it had sold its entire 56.43% stake in Enel Russia with two separate agreements with PJSC Lukoil and Closed Combined Mutual Investment Fund “Gazprombank-Frezia.” The value of the sale is about 137 million euros ($114 million), with closing expected by the third quarter of this year.