Summary of Fortum’s responses to the war in Ukraine

30/3/2022

We are devastated and deeply saddened by the war in Ukraine and the sufferings it has caused. There is no justification for such military aggression. It is also clear that we cannot continue to do business in Russia as before.

Nyagan

We have taken and published the following decisions since the start of the war (updated: 10 August 2022):

  • Halting new investments and pursuing divestments:
    • On 3 March 2022, Fortum announced that it has stopped all new investment projects in Russia. We are also not providing any new financing to our Russian subsidiaries.
    • On 12 May 2022, we announced that 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 divestment process for Uniper’s Russian subsidiary Unipro is also expected to be resumed as soon as possible. These processes may take some time to conclude and are subject to regulatory approvals.
  • Fuel purchases for power plants:
    • In Finland, we will not buy fossil fuels, pellets or biomass from Russia for our power plants in Espoo and Meri-Pori.
    • Uniper is also looking for alternatives to Russian coal as imports of Russian coal will be stopped in line with the EU and UK sanctions and embargos.
  • Gas imports:
  • Security of supply:
    • We are in continuous discussions with our respective European governments on how we can support securing energy supply to our European customers.
    • Uniper is increasing LNG imports to Europe and has re-started the planning of the LNG terminal project in Wilhelmshaven, Germany.
    • On 9 June 2022 we announced that Gasgrid Finland and Fortum have signed a Letter of Intent on placing Finland's first floating LNG terminal vessel Examplar at Fortum's Inkoo port. This development enables independence from RUssian pipeline gas.
  • Sanctions: We obviously comply with all applicable laws and regulations, including international sanctions.

For further information, visit fortum.com/russia.