Vladimir Putin’s war in Ukraine revealed the folly of Europe’s heavy reliance on Russian natural gas, and no company is a greater testament to that overdependence than Germany’s BASF. [...] “Wintershall Dea was a massive cash machine for BASF over the last decades, due to this cheap gas,” said Markus Mayer, head of research at Germany’s Baader Bank. 

You can read the full article here at fortune.com. The author is David Meyer.