Russia, Energy, and the German Economy

The Russian invasion of Ukraine on February 24^th has had a major impact on businesses active in the region – and on the global economy. After an initial trickle, many western firms are leaving Russia or have done so already. Others have reduced or paused their activities in Russia. The first to leave were major oil companies with technology firms and professional service providers following suit. Chemical company BASF decided almost immediately after the invasion not to expand its business in Russia and Belarus and has since decided to wind down the company’s remaining activities in both countries by the beginning of July 2022. An exemption from this decision is business to support food production since the war appears to be triggering a global food shortage.

But, the issues are not limited to the region. The war in Ukraine has disrupted energy flows and supply chains. BASF recently warned it could be hit by fallout from the Russian invasion of Ukraine as well as measures being introduced in China to curb the spread of Covid-19. Join the American Council on Germany for a discussion with ACG Board member Michael Heinz, Chairman and CEO of the BASF Corporation and Member of the Board of Executive Directors of BASF SE, about the impact of the current crisis on the Germany economy.

Michael Heinz is Chairman and CEO of BASF Corporation in North America, a role he assumed in 2021. Since 2011, he has been a member of the BASF SE Board of Executive Directors. In this role, he is responsible for the global business segments, Agricultural Solutions and Nutrition & Care, as well as all BASF activities in the North American and South American regions.

Mr. Heinz has been with BASF for almost four decades and during that time, has spent more than 10 years in various leadership positions in the United States. Earlier in his career, he oversaw BASF’s activities in Ecuador and Mexico. In 2005, He was named President of the global Crop Protection division and in 2009 and 2010, he was responsible for the integration of two major company acquisitions, Ciba AG and Cognis GmbH. As a Board member, he served as Industrial Relations Director and Site Director of BASF SE global headquarters in Ludwigshafen, Germany from 2017-2021.

Born in Mannheim, Germany, Mr. Heinz studied Business Administration at the College of Applied Sciences in Ludwigshafen, Germany and graduated there in 1987. In 2000, he received his Master of Business Administration degree from Duke University, North Carolina.