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 although our business operations are currently running as normal, business as usual cannot continue in all respects.

Nyagan

We have taken and published the following decisions since the start of the war (updated: 12 May 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.
    • On 12 May 2022, we also announced that we have decided to stop using the Fortum brand in Russia. We have already made decisions to replace Russian fuels in our other operating countries.
  • Fuel purchases for power plants:
    • In Finland, we will not buy coal, pellets or biomass from Russia for our power plants in Espoo and Meri-Pori.
    • Uniper has announced that it will not enter into new long-term supply contracts for natural gas with its counterparty in Russia.
    • 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:
    • Gas imports from Russia to Central Europe cannot be easily replaced at present, but Uniper is working to diversify its gas imports, moving into clean gases overtime.
    • In the short term, Uniper is increasing LNG imports to Europe and has re-started the planning of the LNG terminal project in Wilhelmshaven, Germany.
    • We are in continuous discussions with our respective European governments on how we can support securing energy supply to our European customers.
  • Sanctions: We obviously comply with all applicable laws and regulations, including international sanctions.

For further information, visit fortum.com/russia.