Sanctions | Swedish radio: Metso Outotec continued trading with oligarchs banned in Russia, including Putin’s “favorite oligarch”

According to information obtained by Swedish radio, the Finnish company Metso Outotec has continued doing business with companies whose largest owners are banned oligarchs.

Mining and metals company Metso Outotec has estimated that it can continue doing business with Russian companies whose major owners are banned oligarchs.

This is reported by Swedish radio P4 Värmland.

The radio channel got hold of material from the company’s internal information. HS has seen the same material.

The materials include, among other things, a list of Russian companies that are marked red or green depending on whether they are covered by the sanctions or not.

There are more than a hundred companies on the list, and the majority of companies are marked as green.

To green among the listed companies are, for example, such companies as Metalloinvest and Udokan Copper.

These companies are 49% owned by the oligarch Alisher Usmanovwhich is on the EU and US sanctions list.

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Usmanov is close to the Russian president Vladimir Putin with. In the EU sanctions list, Usmanov is characterized as Putin’s “favorite oligarch”.

According to EU information, Usmanov’s transactions have directly supported Russia in occupying Crimea and destabilizing Ukraine.

To green among the registered companies is also the Russian gold company Polyus and its subsidiaries.

It is owned by a 27-year-old Said Kerimovwho is an oligarch Suleiman Kerimov son.

Both father and son are on the EU sanctions list.

Said Kerimov owned 76.34 percent of Polyus at the start of the war. When he was added to the EU sanctions list at the beginning of April, he sold his shares.

Kerimov now owns 46.35 percent of Polyus. Kerimov also left Polyus’ management team.

According to the EU report, Kerimov’s transactions are a significant source of income for the Russian state. According to the report, Suleiman Kerimov’s actions have contributed to the destabilization of Ukraine’s stability and security.

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HS sought the CEO of Metso Outotec Pekka Vauramoa to comment on the information, but only received email responses back from the company.

According to the company, it has consulted top international law firms to find out which Russian companies fall under the sanctions.

The ownership patterns of the companies listed in green have therefore been clarified many times, and according to the lawyers, they do not fall within the scope of the sanctions. The rule has been applied to the oligarchs that only their majority-owned companies are subject to sanctions.

According to Metso Outotec, it has not been possible to unilaterally suspend deliveries with non-sanctioned customers, as this would cause an obligation to compensate for damages.

According to the company, it would not be ethically correct to have to send money to customers in the form of damages.

Metso Outotec delivered orders to Russia in the second quarter of the year for a total of 67 million euros. The company does not say to which customers the orders have been delivered.

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The company’s operating profit fell into the red in April-June due to a one-time expense related to the downturn in business in Russia.

According to the company, these deliveries are related to run-down contracts, and deliveries have only been made to non-sanctioned customers.

The company has said that it will no longer enter into new contracts with Russian companies and is trying to agree on the premature termination of the contracts.

Deliveries to sanctioned customers ended as soon as the sanctions were imposed, the company says.

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