Apart from the outrage in the larger part of the developed world about the invasion, sanctions were quick to be imposed. However, LPG and LNG, the products SHV Energy sells to its customers, are still not banned by the Western world and hence imports from Russia of these products are still allowed. Many companies decided early on to stop any business with Russia. SHV Energy took this courageous and ethical step in the days following the invasion, which meant no new contracts could be entered into and term agreements were terminated promptly.
GASPOL learned many lessons from this situation, noting the growing importance of sanctions and the appearance of new sanctions legislation, including national laws. Sanctions clauses were already written into GASPOL contracts, securing the business on a contractual level. Sanctions laws, although imperfect, support individuals in making moral decisions while doing business.
Still today, some of GASPOL’s competitors continue buying Russian LPG at below market price, adding another layer of complexity to an already complex situation, but GASPOL remains proud of its decision.
In the end, GASPOL were able to continue supplying its customers in Poland and other Eastern and Central European countries with non-Russian product, thanks to the outstanding efforts of its employees, especially those at the Terminals in Gdansk (Poland) and Karlshamn (Sweden). Throughput volumes increased more than 50% in 2022 compared to 2021, as customers were in a rush to stock up for the winter.
GASPOL’s thoughts remain with the Ukrainian people and the hardship they go through as citizens of a free nation that should not have suffered the crimes inflicted on it by Russia. LPG suppliers in the developed world, with some contributions of SHV Energy, are now delivering at cost as much LPG as possible to Ukraine and for factories to continue manufacturing essential goods.
GASPOL are sure that the future is bright and trusts that it will be a future without reliance on Russian LPG.
“I am proud of how members of the SHV Energy community reacted to Russia's invasion of Ukraine, both as people and professionals.”
Michał Faliszewski, Legal Counsel, GASPOL Poland
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