Clean Break: the company completely halting Russian engagements or exiting Russia
Leave Withdrawal
Fraport AG Frankfurt Airport Services Worldwide, commonly known as Fraport, is a German transport company which operates Frankfurt Airport in Frankfurt am Main and holds interests in the operation of several other airports around the world.
Clean Break: the company completely halting Russian engagements or exiting Russia
Leave WithdrawalPutin took control of Pulkovo airport from a foreign company: The Russian government is creating VVSS Holding LLC to manage Pulkovo Airport, temporarily taking away this right from a foreign company (Fraport, owned a 25% stake, which was valued at €111 million), it follows from the decree. According to the decree, all 100% of the Cypriot company’s shares in the authorized capital of the Northern Capital Gateway (LLC, which has been managing Pulkovo since April 29, 2010) are transferred to the ownership of VVSS Holding. Its authorized capital will be 169 billion rubles. It is noted that the government will not be the founder of the company.
German Fraport AG, which owns 25% of the management company of the Pulkovo airport, is still selling its share, said the head of VTB Andrey Kostin. The sale may take place, despite the fact that the holding has repeatedly emphasized that it will not be able to sell its share by 2025 under the terms of the concession agreement. All Russian airport owners are among the interested buyers. Earlier, Fraport's fortune was estimated at €111 million. In May 2022, the head of Fraport, Stefan Schulte, stated that in accordance with the terms of the concession agreement, the holding has no possibility to withdraw from the shareholders until 2025. Russia nationalises St Petersburg Airport; Fraport et al left with shares with no voting rights.