Finland’s YIT stops investing in real estate devt in Russia

MOSCOW, Mar 4 (PRIME) -- Finnish real estate developer YIT has decided to cease investments in land plots and construction of apartments in Russia, the company said in a statement on Friday.

“The events (in Ukraine) have required prompt response from YIT to the crisis, including speeding up the strategic review of the company’s operations in Russia. While the review is ongoing, YIT has decided not to invest in plots or start up new apartments in Russia for the time being,” the company said.

According to the company’s statement, YIT will also discontinue construction materials purchases from Russia.

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