Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Fortum seeks compensation from Russia over seized assets

Published 27/02/2024, 14:36
Updated 27/02/2024, 15:26
© Reuters. FILE PHOTO: The logo of the energy company Fortum headquarters a subsidiary of Uniper is pictured in Espoo, Finland July 22, 2022. Roni Rekomaa/Lehtikuva/via REUTERS/File Photo

HELSINKI (Reuters) -Finnish energy company Fortum is seeking billions of euros in compensation from Russia for Moscow's seizure last year of the group's assets in the country, the company said on Tuesday.

Russia in 2023 took over seven thermal power units and a joint-venture portfolio of wind and solar plants under a decree by President Vladimir Putin after the utility had tried to sell the assets since the invasion of Ukraine in 2022.

"Fortum will seek compensation for the value of its shares in PAO Fortum and its investments in Russia, amounting to several billions of euros," the company said in a statement.

The group in May last year announced losses of 1.7 billion euros ($1.84 billion) following its exit from Russia.

($1 = 0.9223 euros)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.