2 Mar 2023 10:31

Fortum does not include Russian business in new strategy; does not name exact terms for sale of assets

MOSCOW. March 2 (Interfax) - The new strategy of Fortum does not include doing business within the Russian Federation, and the company has continued the process of exiting its Russian assets, while considering their sale as the preferred option, the Finnish energy holding said in a statement.

However, any such deal requires the approval of the Russian regulators, and would require additional time, Fortum said.

Fortum said in a financial report for 2022 that the current geopolitical situation poses a risk to its controlled exit from Russia if the divestments cannot be finalized or are severely delayed. The company also pointed to risk that a "transaction materializes at a lower valuation of the business or, in an extreme case, expropriation of Fortum's Russian assets."