Fortum reports €1.7bn cost of Russia exit

Finnish utility Fortum has concluded its exit from the Russian wind market after Russian authorities seized the company's assets in the country.

The company has recorded €1.7bn of impairments after deconsolidating its Russian operations and writing down the full value of the division's assets.

“April 25th marked another point of escalation in Russia’s war in Ukraine and against Europe through energy. We have consistently sought an exit from the Russian market since last spring and applied for permission to sell the operations to both Russian and international buyers without success. Justifying the seizure of our assets with the need to protect Russian energy security is just a guise,” said Markus Rauramo, President and CEO.

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