MOSCOW, May 12. /TASS/. Fortum has decided to leave the Russian market and sell assets in the country, the Finnish energy concern said in a statement on Thursday.
"In addition to the previously announced investment and financing freeze in our Russian subsidiaries, we have decided to pursue a controlled exit from the Russian market. As the preferred path, this decision includes a potential divestment of Fortum’s Russian operations," the statement said.
The process may take some time to conclude and are subject to regulatory approvals, the company added. Meanwhile, Fortum intends to stop using its brand in Russia.
The Russian division of the Finnish group Fortum includes Russia’s Fortum (owns 94.88%), as well as TGK-1 (holds 29.45%).