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    Home»Oligarchs»Finnish energy company Fortum will leave the Russian market
    Finnish energy company Fortum will leave the Russian market
    Oligarchs

    Finnish energy company Fortum will leave the Russian market

    Liam AndersonBy Liam AndersonMay 13, 2022No Comments2 Mins Read
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    This is stated in the report of the company, which is engaged in the maintenance of many power plants in the country.

    The management of the Finnish state energy company Fortum has decided to start a “controlled exit from the Russian market,” according to a company report that RBC has read. The document also notes that Russia will stop using the Fortum brand.

    In addition, the company said in its report that Europe should reduce its dependence on Russian energy resources.

    Recall that in early March, Fortum announced that in connection with Russia’s actions in Ukraine, it would stop all investments in Russian projects, as well as reduce the number of power plants served by it in Russia.

    It is also worth noting that Fortum owns a controlling stake in the German Uniper, which is one of the main investors in Nord Stream 2. Leaving the Russian market, Fortum plans to sell Unipro, the Russian subsidiary of Uniper.

    Earlier, the Kommersant newspaper, citing sources, reported on the intention of the British hotel operator InterContinental Hotel Group (IHG), which is one of the three largest international chains in the Russian hotel market, to stop working in the country. According to the interlocutors of the publication, the international company is preparing to completely stop its activities in Russia due to political risks. At the moment, negotiations are underway with the owners to terminate the contracts by agreement of the parties, without any penalties.

    Finland Fortum Nord Stream-2 Sanctions
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    Liam Anderson
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