‘Czech Spinx’ Daniel Kretinsky left exposed by stake in gas pipeline from Russia | Business

The Czech billionaire who owns stakes in Sainsbury’s, Royal Mail and West Ham United risks taking a financial hit over his links with Russian state gas giant Gazprom.

Daniel Kretinsky controls EP Infrastructure, which owns 49 per cent of Eustream, the company that operates the gas-transmission system piping Russian gas to central and eastern Europe.

Ratings agency Fitch placed EP Infrastructure on its “Rating Watch Negative” due to its large stake in the Slovakian gas pipeline. Fitch said Gazprom accounted for two-thirds of Eustream’s transported volumes.

It estimates that Eustream represents about 40 per cent of EP Infrastructure’s underlying profits. Australian financial services giant Macquarie also has a minority stake in EP Infrastructure. The ratings agency said it put EP Infrastructure and Eustream on its