Fortum formally objects to seizure of its assets in Russia

The Finnish majority state-owned energy company Fortum has formally submitted its objection to the seizure of its subsidiary in Russia by the Russian authority, said Fortum in a press release on Friday.

The company is also preparing to take all necessary measures to protect its rights under relevant international legislation.

Fortum notified the administration of the President of the Russian Federation that it strongly objects the Decree issued on April 25, 2023, based on which the Russian State Property Management, Rosimushchestvo, has seized Fortum’s Russian subsidiary PAO Fortum.

With its actions, the Russian Federation has caused the dismissal of PAO Fortum’s CEO and deprived Fortum of its shareholder rights.

Fortum’s power plants in Russia are the most modern and efficient in the market, and maintained to high industry standards.

Russia’s actions to be a crude violation of international law and of Fortum’s rights as a foreign investor, said Fortum.

Fortum is analysing the overall impacts of Russia’s actions on the company.