Fortum prepares to challenge transfer of Russian subsidiary

HELSINKI, May 5 (PRIME) -- Finnish power company Fortum notified Moscow that it disagrees with the transfer of its Russian subsidiary to the Federal State Property Management Agency for temporary management and is preparing to defend its rights, the company said in a statement on Friday.

“Fortum has formally notified the administration of the president of the Russian Federation that it strongly objects the decree No. 302 of 25 April 2023, based on which the Russian State Property Management, Rosimushchestvo, has seized Fortum’s Russian subsidiary PAO Fortum,” the statement read.

In April, Russian President Vladimir Putin approved temporary nationalization of stakes in power companies Fortum and Unipro and their management by the Federal State Property Management Agency.

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