Clean Break: the company completely halting Russian engagements or exiting Russia

Leave Withdrawal

Fortum is a Finnish state-owned energy company. In addition to Finland, it is focusing on Germany and other countries in the Central Europe, Great Britain, and the Nordic. Fortum operates power plants, generates and sells electricity and heat.

Clean Break: the company completely halting Russian engagements or exiting Russia

Leave Withdrawal

Top 100 largest companies in Russia by revenue

Top 100
Revenue(RF), mln.USD
1186
Assets(RF), mln.USD
3112
Capital(RF), mln.USD
1489
Glob.Revenue, mln.USD
118829
Staff(RF), 2021
2687
Taxes(RF), mln.USD
255

The company has power plants in Russia. As of September 2013, 40% of Fortum's employees worked in Russia; the company's total investment in Russian energy amounted to 4 billion euros. The company initiated arbitration proceedings, citing Russia's "breach" of its investment treaty obligations. Fortum is demanding "several billion euros" as compensation for the value of its shares in PAO Fortum and its investments in the country.

The Company Statement
July 13, 2023

Announced exit Russian market BUT Fortum receives fuel from TVEL, a subsidiary of the Russian state concern Rosatom. The contract was concluded before the expiration of the current licenses for the operation of Loviis reactors. Fortum to record additional pre-tax impair­ments of approx­i­mately EUR 990 million related to its Russia segment. The Federal Property Management Agency received foreigners' shares in Unipro and Fortum under temporary management. Fortum has formally notified the administration of the President of the Russian Federation that it strongly objects the Decree No. 302 of 25 April 2023, based on which the Russian State Property Management, Rosimushchestvo, has seized Fortum’s Russian subsidiary PAO Fortum. Fortum to write off $1.9 billion after Russia seized assets. Fortum will file a claim for compensation after the nationalization of the Russian "daughter". Fortum plans to use up its existing Russian stock before switching to a western supplier.

March 28, 2024Foreign firms' losses from exiting Russia top $107 billion
February 27, 2024The Finnish energy giant demands from the Russian Federation several billion euros in compensation for seized assets
February 27, 2024Fortum Seeks ‘Several’ Billion Euros From Russia Over Assets
February 27, 2024Finnish energy giant Fortum has begun arbitration against Russia over Putin's theft of its business
January 13, 2024Minister: Loviisa plant cuts dependence on Russian nuclear fuel
August 07, 2023FT estimated the damage to European companies since the beginning of the conflict in Ukraine at €100 billion
August 06, 2023European companies suffer €100bn hit from Russia operations
July 24, 2023Fortum's Russian business to be renamed Forward Energo after seizure -company
July 13, 2023Fortum will file a claim for compensation after the nationalization of the Russian "daughter"
July 13, 2023Finnish Fortum files a lawsuit due to the loss of control over assets in the Russian Federation
May 17, 2023Fortum garners solid bond demand after Russia exit
May 11, 2023Fortum to write off $1.9 billion after Russia seized assets
May 05, 2023Fortum has formally notified that it objects the unlawful seizure of Russian subsidiary
May 05, 2023Fortum accused Russia of violating international law due to the transfer of its "daughter" under external control
April 25, 2023The Federal Property Management Agency received foreigners' shares in Unipro and Fortum under temporary management
April 24, 2023"Tooth for a tooth" The head of VTB proposed to take away property from foreign companies
April 12, 2023Fortum chases $218 million from Vestas over Russia wind project
April 06, 2023Fortum Oyj : Russian joint venture has participated in a local wind auction – will not invest in Russia
March 07, 2023Inside information: Fortum to record additional pre-tax impairments of approximately EUR 990 million related to its Russia segment | Fortum
February 27, 2023Fortum response
January 27, 2023Letter sent by B4Ukraine to the company and the response provided
January 08, 2023Finnish energy company Fotrum has not yet given up Russian uranium
June 14, 2022Last minute Finnish plans
April 27, 2022German Utility Giant Says It Can Buy Russian Gas Without Busting Sanctions
April 12, 2022Operating results down – Fortum prepares for a controlled exit from Russia and takes action to provide security of supply in Europe
All company names used on this web page are for identification purposes only. All trademarks and registered trademarks are the property of their respective owners.
Company statements and statistical data are collected from open sources and official registers according to the methodology of the KSE Institute.
Scanner