Finland's biggest energy company, the majority-state-owned Fortum, is preparing to withdraw from Russia in a controlled manner, and the company's primary option is to sell the company's Russian operations, said Markus Rauramo, President and CEO.
The divestment process for Fortum-owned Uniper's Russian subsidiary Unipro, which was halted by Russia's attack on Ukraine, is expected to resume as soon as possible, the company said.
Fortum posted an operating loss of 438 million euros, down from a 1.2 billion euros profit a year earlier The reason was Uniper's loss.
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In a review published on Thursday, Rauramo stated that since the start of the Russian attack on Ukraine, Fortum's entire operating environment, from markets to political decision-making and sanctions, has been in a contant flux.
"With markets, political developments and additional sanctions continuously in flux, this has created unprecedented short term challenges for the entire sector in Europe since the war began, as well as far-reaching implications for the longer-term energy system and transition. The resulting industry crisis mode also significantly affects us at Fortum," Rauramo said in a stock exchange release.
Fortum has previously announced that it will discontinue new investments and financing of its Russian subsidiaries. Fortum has also decided to discontinue using the Fortum brand in Russia. A full exit and sale of its Russian operations may take time, and the process requires regulatory approval, Rauramo pointed out.