MOSCOW, May 11. /TASS/. Finnish energy concern Fortum is writing off Russian assets after the transfer of shares of its subsidiary in Russia under the temporary management of the Federal Property Management Agency and estimates the loss from Russian projects at 2 bln euro.
"As Fortum communicated on 26 April, the Russian authorities have caused the change to Fortum’s Russian subsidiary PAO Fortum’s CEO and seized control of Fortum’s assets based on a Presidential decree (No. 302 of 25 April 2023). Russia’s actions mark a point of no return for Fortum, and de facto loss of control of PAO Fortum triggers a full deconsolidation and impairments of the company’s Russian assets," the statement said.
According to the company, "Fortum records impairments of EUR 1.7 billion and deconsolidation-related translation differences of EUR 1.9 billion in the second quarter."