HomeSportsUEFA Ends Partnership with Gazprom Amid Russia-Ukraine Situation

UEFA Ends Partnership with Gazprom Amid Russia-Ukraine Situation

Russia is facing fallout on a monumental scale and that seems to continue as more and more Russia based deals have a fallout.

In the past 1 week, the Russian Ruble’s worth is down to pennies, Russian YouTubers have lost their ability to monetize their YouTube videos and Russia has been SWIFT Banned.

UEFA has offered up another hit to Russia by ending its partnership with Gazprom in condemnation of Russia’s act of war against Ukraine. As time passes more and more companies and organisations are going to follow this example.

UEFA had renewed its deal with Gazprom ahead of the 2021 Championship and it was expected that the partnership will continue till 2024 but UEFA announced today that the partnership has come to a stop owing to the international situation and sanctions.

“The decision is effective immediately and covers all existing agreements including the UEFA Champions League, UEFA national team competitions and UEFA EURO 2024.”- UEFA Official twitter handle.

 

The Russian Team Is Also Suspended

It was not only Gazprom but also the Russian team that has to face the repercussions of the act of war. The Russian national team has been suspended by UEFA along with the club teams.

Russia was supposed to play Poland as part of their playoffs semi-finals but that match is now cancelled and the Russian players will not even be considered this time. Spartak Moscow will also not be playing any more matches in Europa League as it also stands suspended under the umbrella suspension.

The Champion’s League Final Is Now Moved To Paris

Earlier the Champion’s League final was supposed to be held in the Gazprom stadium but now the venue for the finals has been changed to Stade de France in Paris. This will be another big blow to the Russian economy while causing major losses to Gazprom.

More About Gazprom

Gazprom is an energy company that is based in Russia. The company is majority-owned by the state and is a multinational firm. Gazprom is responsible for producing 12% of the global natural gas. Gazprom is the world’s largest publicly listed natural gas company with sales of about $120,000,000,000.

Gazprom is responsible for the construction and functioning of the pipelines built to transport natural gas to global markets. Gazprom has been facing some real financial damage due to the current ongoing Russo-Ukraine war. The sanctions have caused the Ruble to plummet making Gazprom’s profit next to nothing.

Effect On Global Markets

Even though UEFA’s cancellation of partnership with Gazprom may not have any immediate effect on the world economy. Anything to do with natural gas will cause an effect on the economy on a larger scale.

Post the current situation Russian companies like Gazprom will try and cover their losses by increasing prices and forcing others to pay more. Such rises in prices will increase inflation over time causing a big blow to the world economy.

The effects of this war are already being seen with gas prices rising and this comes at a time when gas prices were already hitting an all-time high. Any war always will have a negative effect on the world economy and this war is no different.

We sincerely hope that everyone stays safe during these trying times and that these sanctions lead to the end of this war. Do keep visiting us for such time and informative Updates!

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