Clean Break: the company completely halting Russian engagements or exiting Russia
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Fortum
Fortum
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 WithdrawalTop 100 largest companies in Russia by revenue
Top 100Glob.Revenue, mln.USD
118829
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 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".
| August 06, 2023 | European companies suffer €100bn hit from Russia operations |
| July 24, 2023 | Fortum's Russian business to be renamed Forward Energo after seizure -company |
| July 13, 2023 | Fortum will file a claim for compensation after the nationalization of the Russian "daughter" |
| July 13, 2023 | Finnish Fortum files a lawsuit due to the loss of control over assets in the Russian Federation |
| May 17, 2023 | Fortum garners solid bond demand after Russia exit |
| May 11, 2023 | Fortum to write off $1.9 billion after Russia seized assets |
| May 05, 2023 | Fortum has formally notified that it objects the unlawful seizure of Russian subsidiary |
| May 05, 2023 | Fortum accused Russia of violating international law due to the transfer of its "daughter" under external control |
| April 25, 2023 | The 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, 2023 | Fortum chases $218 million from Vestas over Russia wind project |
| April 06, 2023 | Fortum Oyj : Russian joint venture has participated in a local wind auction – will not invest in Russia |
| March 07, 2023 | Inside information: Fortum to record additional pre-tax impairments of approximately EUR 990 million related to its Russia segment | Fortum |
| February 27, 2023 | Fortum response |
| January 27, 2023 | Letter sent by B4Ukraine to the company and the response provided |
| January 08, 2023 | Finnish energy company Fotrum has not yet given up Russian uranium |
| June 14, 2022 | Last minute Finnish plans |
| April 27, 2022 | German Utility Giant Says It Can Buy Russian Gas Without Busting Sanctions |
| April 12, 2022 | Operating results down – Fortum prepares for a controlled exit from Russia and takes action to provide security of supply in Europe |
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