The total losses of companies traded on the Helsinki Stock Exchange related to the consequences of the conflict in Ukraine and the decision to abandon Russian assets amounted to about €4 billion in 2022.
This is reported by the newspaper Helsingin Sanomat.
The biggest losses were incurred by the Finnish state-owned energy company Fortum, which invested about €5 billion in cooperation with Russia. The company’s losses are estimated at €1.7 billion, the company cannot sell its Russian assets. The company has become the only one in Finland whose losses are estimated in billions of euros.
In mid-May, Fortum intended to leave the Russian market. The company owns a controlling stake in German Uniper, one of the main investors of the Nord Stream-2 gas pipeline. The company was going to sell a stake in Unipro, the Russian “daughter” of Uniper.
The company collected applications from possible buyers of its Russian assets. The list included offers from Gazprombank, AFK Sistema and Invest AG by Alexander Abramov and Alexander Frolov.
In second place is the construction company YIT (€440 million), followed by the tire manufacturer Nokian Tyres (€300 million). The Finnish airline Finnair also suffered losses — €150 million.