- Sputnik International, 1920, 25.02.2022
Russia's Special Operation in Ukraine
On February 24, 2022 Russia launched a special military operation in Ukraine, aiming to liberate the Donbass region where the people's republics of Donetsk and Lugansk had been living under regular attacks from Kiev's forces.

Finnish Energy Giant Writes Off Nord Stream 2 Stake, Divests From Russia

© Sputnik / Dmitrij Leltschuk / Go to the mediabankA Nord Stream 2 employee works on a platform in the Nord Stream 2 Baltic Sea pipeline's receiving station
A Nord Stream 2 employee works on a platform in the Nord Stream 2 Baltic Sea pipeline's receiving station - Sputnik International, 1920, 09.03.2022
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The Finnish Fortum group's operations in Russia, including investment in the Nord Stream 2 project put on hold, are estimated to be worth a total of 6 billion euros. Last year, Russian operations accounted for about one-fifth of the group's total profit.
The majority-state-owned Finnish energy company Fortum, the country's largest, has said it aims to retreat from the Russian market and limit its pipeline exposure.
Among others, Fortum said it will take a loss of over 1 billion dollars related to the cancelled Nord Stream 2 pipeline project.
Its German subsidiary Uniper has an outstanding loan to the project company totalling 1,078 million dollars including accrued interest. Fortum said it will write down its receivables and forfeit expected interest income of over 100 million dollars annually.
Furthermore, Fortum said it aims to sell off its Uniper power plants in Russia.
Fortum explained that Uniper has been preparing for the possible sale of its separately listed Russian subsidiary Unipro since the end of last year, and that this process will be resumed as soon as possible. Uniper shares had lost more than half their value since the beginning of this year.
Unipro has five power plants in Russia with a combined production capacity of more than 11 gigawatts and 4,300 employees. Together, Uniper and Fortum own a dozen power plants in Russia, mostly gas-powered.
Uniper has halted all new investments in Russia and fund transfers to Unipro. Fortum, which is nearly 51 percent owned by the Finnish state, stopped all new investment projects in Russia as well.
Fortum's operations in Russia, including the Nord Stream investment, are estimated to be worth a total of 6 billion euros. Last year, Russian operations accounted for about one-fifth of the group's total profit.
Lastly, Fortum also owns 34 percent of the planned Fennovoima nuclear power plant in western Finland, which was to be built by a Russian state company Rosatom. However, following the start of Russia's special operation in Ukraine, the project was put on hold indefinitely.
Remarkably, while Uniper said it will not embark on new coal or gas procurement contracts with Russia, it stressed that it will continue with the existing, long-term gas import contracts from Russia as they play a key role in securing heating for German households and gas for industrial processes in Europe, Fortum VP Ingela Ulfves said in a statement.
In response to Russia's special military operation aimed at demilitarising Ukraine and protecting the People's Republic of Donbass, Western countries have unleashed a raft sanctions against Moscow. In particular, Germany ceased the certification of the Nord Stream 2 pipeline.
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