According to Fortum, it has still not received official confirmation from the Russian authorities.
Investors were not more startled by Russia’s announcement to temporarily take over Fortum’s Russian holdings.
The Helsinki Stock Exchange opened at 10 a.m. At 10:20 a.m. Fortum’s share was down 1.9 percent.
President of Russia Vladimir Putin signed a decree on Tuesday that allows Russia to temporarily take over the assets of foreign companies in Russia. The regulation seems to directly affect the Finnish energy group Fortum.
According to the regulation, Russia has already taken over Fortum’s local assets in Russia. According to the decree, the Russian assets of the German company Uniper have also been taken over. Fortum sold Uniper to the German state in December 2022.
By the beginning of March, Fortum had time to write down 1.7 billion euros to its Russia unit. At that time, the company estimated the value of its Russian operations at just under two billion euros.
Fortum sent a press release on Wednesday morning. According to the company, Fortum has still not received official confirmation from the Russian authorities. Fortum emphasizes that the Russian order is temporary and does not give the Russian national state asset management agency Rosimushchestvo the right to hand over the assets, but rather the agency uses the powers of the owner.
The news is updated.
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