LIN · CIK 1707925
What Linde plc told the SEC could break it.
Linde's disclosures reflect a heavily international industrial-gas company: about 64% of its 2025 sales were outside the US, spread across roughly 50 EMEA and 15 Asia-Pacific countries, exposing it to currency swings, import/export controls and local political and regulatory policy. A concrete manifestation is its unresolved Russia dispute — performance of all its Linde Engineering agreements there (including the Amur gas-processing-plant project) was lawfully suspended under sanctions in 2022, and RusChemAlliance obtained a St. Petersburg court injunction blocking the sale of Linde's Russian subsidiaries and assets. More broadly, its global operations sit under a thicket of trade-restriction, sanctions, antitrust, environmental and anti-bribery laws.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Geographic concentration
- ~64% of sales outside the U.S. across ~50 EMEA + ~15 APAC countriesmedium
Approximately 64% of Linde's 2025 sales were outside the United States, with subsidiaries in ~50 EMEA and ~15 Asian/South Pacific countries, exposing it to FX fluctuations, import/export controls, and local political/regulatory policies.
“Linde is a global enterprise with approximately 64% of its 2025 sales outside of the United States.”
SEC filing →As of 2026
Litigation
- Russia Amur GPP / RusChemAlliance dispute — Linde Engineering agreements suspended under sanctions, St. Petersburg court injunctionmedium
Performance of all Linde Engineering agreements in Russia (including the Gazprom/Nipigas Amur gas-processing-plant EPC) was lawfully suspended under sanctions on May 27, 2022; RusChemAlliance obtained a St. Petersburg court injunction blocking sale of Linde's Russia subsidiaries/assets, and the related disputes remain unresolved.
“On May 27, 2022, performance of all Linde Engineering agreements in Russia were lawfully suspended in compliance with applicable sanctions. In December 2022, at RusChemAlliance's (RCA) request a Russian St. Petersburg court (“St. Petersburg Court”) issued an injunction preventing sale of Linde Russia subsidiaries and assets.”
Regulatory & policy
- trade/import-export restrictions, economic sanctions, antitrust, environmental/climate lawslow
Linde's global operations are subject to securities, tax/currency-control, trade and import/export restrictions, economic sanctions, antitrust, safety, environmental/climate, data-protection (incl. AI), and anti-bribery laws across many jurisdictions.
“trade and import/export restrictions, as well as economic sanctions laws; antitrust matters; safety; environmental protection, including climate change and energy efficiency laws and policies, and environmental related reporting and disclosures; data protection including artificial intelligence; global anti-bribery laws”
SEC filing →As of 2026
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