The European football governing body, UEFA has announced that they have cancelled their sponsorship deal with the Russian energy company, Gazprom with immediate effect.
A statement from Europe’s football governing body read, “UEFA has today decided to end its partnership with Gazprom across all competitions. The decision is effective immediately and covers all existing agreements including the UEFA Champions League, UEFA national team competitions and UEFA EURO 2024.”
Gazprom is a multinational energy corporation. The company’s mission is to deliver a consistent, efficient, and well-balanced supply of natural gas.
The sponsorship agreement, which has been in place since 2012, is said to be worth around 40 million euros per season. It is understood that no advertisements for the company will be displayed during the Champions League round of 16 second-leg matches next month.
Along with UEFA, the German side, Schalke 04 had already cut ties with Gazprom, who had been their main shirt sponsors since 2007. The German club, which is in debt of hundreds of millions of euros, stated that this decision has no bearing on the club’s financial capabilities.
Furthermore, the UEFA and FIFA announced the suspension of all Russian national and club teams from international competition.
Several more football clubs and governing bodies are breaking ties with Russian companies and the federation amid Russia’s attack on Ukraine. FIFA recently barred Russia from competing in the World Cup in Qatar. In addition, Manchester United have terminated its sponsorship agreement with Russia’s national airline, Aeroflot.
UEFA has also announced that the Champions League final will be moved out of St. Petersburg, Russia. The final will now be played at Stade de France in Saint-Denis, France.