Inside information: Fortum to fully write down its Russian assets and deconsolidate the Russia segment – publishes restated comparison figures
FORTUM CORPORATION INSIDE INFORMATION 11 MAY 2023 AT 9:00 EET As Fortum communicated on 26 April, the Russian authorities have caused the change to Fortum’s Russian subsidiary PAO Fortum’s CEO and seized control of Fortum’s assets based on a Presidential decree (No. 302 of 25 April 2023). Russia’s actions mark a point of no return for Fortum, and de facto loss of control of PAO Fortum triggers a full deconsolidation and impairments of the company’s Russian assets. “April 25th marked another point of escalation in Russia’s war in Ukraine and against Europe through energy. We have