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☆ Why are so many Western firms staying put in Russia, despite the rising risks?
▼ + stars: | 2023-07-26 | by ( Hanna Ziady | ) edition.cnn.com time to read: +6 min

London CNN —When Russia launched its full-scale invasion of Ukraine in February 2022, a slew of Western companies left in protest. Companies now find themselves caught between Western sanctions and public outrage on the one hand, and an increasingly hostile Russian government on the other. The Kremlin is making it more difficult for Western firms to sell their Russian assets — and imposing steep discounts and punitive taxes when they do. Both companies had been finalizing sales to local buyers when President Vladimir Putin signed an order nationalizing their local assets earlier this month. Spurred by sweeping Western sanctions, oil companies, automakers, technology firms, consultancies and banks led the initial wave of departures.

Persons: —, Vladimir Putin, Carlsberg, Maria Shagina, Andrey Rudakov, Konstantin Zavrazhin, Hein Schumacher, Schumacher, ”, ” Procter, Gamble, ” Mondelez, Fortum Oyj, Jeffrey Sonnenfeld, ” Sonnenfeld, — Olesya Dmitracova Organizations: London CNN, Nestlé, Heineken, Companies, Danone, Carlsberg, Breweries, International Institute for Strategic Studies, CNN, Bloomberg, Getty, Yale University, Yale, Unilever, UL, Procter, Gamble, Treasury, Foreign, Control, Carlsberg — Locations: Russia, Ukraine, Lyubuchany, Rosneft, Moscow, Russian

London/Atlanta CNN —Moscow has seized control of the Russian subsidiaries of French yogurt maker Danone and Danish brewer Carlsberg, highlighting risks facing foreign firms that continue to do business in the country. The decision follows a decree Putin signed in April that allows the government to place foreign assets in the country under its temporary control if Russian assets abroad are seized or threatened. At the time, the Russian government took control of utilities owned by German energy company Uniper and Finland’s Fortum Oyj. Baltika is one of the largest consumer goods companies in Russia and employs 8,400 people, according to Carlsberg’s website. Andrey Rudakov/Bloomberg/Getty Images/FileDanone (DANOY) is also in the process of selling its Russian business.

Persons: Vladimir Putin, Baltika, Putin, Russia —, ”, Andrey Rudakov Organizations: London, Atlanta CNN —, Danone, Carlsberg, Russian, Heineken, Nestlé, Unilever, UL, Companies, Baltika Breweries, Breweries, Bloomberg, Getty, Danone Russia Locations: Atlanta, Atlanta CNN — Moscow, Russian, Russia, Ukraine, St . Petersburg

☆ Ukraine war live updates: Putin signs decree taking over Russian assets of two foreign energy firms; Moscow threatens to abandon grain deal
▼ + stars: | 2023-04-26 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +2 min

Russian President Vladimir Putin chairs a meeting with members of the government via video link at the Novo-Ogaryovo state residence outside Moscow, Russia April 19, 2023. President Vladimir Putin on Tuesday signed a decree establishing temporary control of the Russian assets of two foreign energy firms, signalling Moscow could take similar action against other companies if need be. The decree — outlining possible retaliation if Russian assets abroad are seized — showed Moscow had already taken action against Uniper's Russian division and the assets of Finland's Fortum Oyj. The shares in the two entities have been placed in the temporary control of Rosimushchestvo, the federal government property agency, the decree said. Rosimushchestvo said more foreign firms could find their assets under temporary Russian control, TASS reported.

☆ Putin decree shows Moscow has taken temporary control of Uniper, Fortum assets
▼ + stars: | 2023-04-25 | by ( ) www.reuters.com time to read: 1 min

April 25 (Reuters) - A copy of a decree signed by President Vladimir Putin on Tuesday showed that Moscow has taken temporary control of Uniper SE's (UN01.DE) Russian division and the Russian assets of Finland's Fortum Oyj (FORTUM.HE). The decree was posted on the Kremlin website. Reporting by David Ljunggren; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Sputnik/Gavriil Grigorov/Kremlin via REUTERS/File PhotoApril 25 (Reuters) - President Vladimir Putin on Tuesday signed a decree establishing temporary control of the Russian assets of two foreign energy firms, signaling Moscow could take similar action against other companies if need be. The decree - outlining possible retaliation if Russian assets abroad are seized - showed Moscow had already taken action against Uniper SE's (UN01.DE) Russian division and the assets of Finland's Fortum Oyj (FORTUM.HE). Rosimushchestvo said more foreign firms could find their assets under temporary Russian control, TASS reported. Last October European Council President Charles Michel said the EU was looking at using Russian assets frozen under sanctions against Moscow towards rebuilding Ukraine. Fortum had already warned shareholders there was a risk its Russian assets could be expropriated.

☆ Finland proposes 30% windfall tax on power companies
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: 1 min

Companies Fortum Oyj FollowSTOCKHOLM, Dec 29 (Reuters) - The Finnish government said on Thursday it had proposed a temporary windfall tax on profits from the country's electricity companies as part of a European Union response to soaring power costs. The proposed 30% tax would apply to profits exceeding a 10% return on capital in 2023 and could bring in between 500 million and 1.3 billion euros ($533 million-$1.9 billion), the government said. Finnish utility Fortum (FORTUM.HE), which produces around one third of the country's power, said in a separate statement it would closely study the plan. ($1 = 0.9387 euros)Reporting by Anna Ringstrom, editing by Terje SolsvikOur Standards: The Thomson Reuters Trust Principles.

☆ European Commission clears Germany's Uniper bailout
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +3 min

Companies Uniper SE FollowFortum Oyj FollowPARIS, Dec 20 (Reuters) - The European Commission said on Tuesday it had approved Germany's 34.5 billion euro ($36.60 billion) plan to recapitalise German natural gas trader Uniper (UN01.DE), subject to future state divestment, management pay and acquisitions. The plan complies with EU State aid rules on the necessity, appropriateness and size of the intervention, the Commission said in a statement. The recapitalisation involves an immediate cash capital increase of 8 billion euros, which will be subscribed at a price of 1.70 euros per share, it added. It also approved authorised capital of up to 26.5 billion euros, which Germany intends to pay in stages through to 2024. Uniper, majority-owned by Finland's Fortum Oy (FORTUM.HE), is Germany's largest gas provider and one of Europe's main gas traders, the Commission said.

☆ Germany to Nationalize Ailing Uniper After Russian Gas Cuts
▼ + stars: | 2022-09-21 | by ( Georgi Kantchev | ) www.wsj.com time to read: 1 min

BERLIN—Germany will nationalize Uniper seeking to save the country’s largest gas importer that was hit hard by Russian natural-gas cuts to Europe. The German government said Wednesday it would take a 99% stake in the energy giant and inject in 8 billion euros, equivalent to around $8 billion. Berlin will acquire the stake of Uniper’s parent company, Finnish utility Fortum Oyj .

☆ Germany to Nationalize Ailing Uniper After Russian Natural-Gas Cuts
▼ + stars: | 2022-09-21 | by ( Georgi Kantchev | ) www.wsj.com time to read: 1 min

BERLIN—Germany will nationalize Uniper seeking to save the country’s largest gas importer that was hit hard by Russian natural-gas cuts to Europe. The German government said Wednesday it would take a 99% stake in the energy giant and inject in €8 billion, equivalent to around $8 billion. Berlin will acquire the stake of Uniper’s parent company, Finnish utility Fortum Oyj .

☆ Germany nationalises gas importer Uniper
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +2 min

The Uniper logo is seen at the utility's firm headquarters in Duesseldorf, Germany, July 8, 2022. REUTERS/Wolfgang Rattay/File PhotoRegister now for FREE unlimited access to Reuters.com RegisterCompanies Fortum Oyj FollowUniper SE FollowBERLIN/HELSINKI, Sept 21 (Reuters) - Germany has agreed to nationalise Uniper (UN01.DE) by buying Fortum's (FORTUM.HE) stake in the gas importer to secure operations and keep its business going, the three parties involved said on Wednesday. Register now for FREE unlimited access to Reuters.com RegisterThe package "creates a clear ownership structure in order to secure Uniper, and thus the energy supply for companies, municipal utilities and consumers," it said. Russia cutting back natural gas supplies and last month closing the Nord Stream 1 gas pipe have led Uniper, Germany's largest gas importer, to financial dire straits, triggering a rescue package with Berlin which was agreed in July. ($1 = 1.0075 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Essi Lehto, Anne Kauranen, Kirsti Knolle editing by Stine Jacobsen, Paul CarrelOur Standards: The Thomson Reuters Trust Principles.

The logo of the energy company Fortum headquarters a subsidiary of Uniper is pictured in Espoo, Finland July 22, 2022. Roni Rekomaa/Lehtikuva/via REUTERSRegister now for FREE unlimited access to Reuters.com RegisterCompanies Fortum Oyj FollowUniper SE FollowBERLIN/DUESSELDORF, Sept 20 (Reuters) - Germany is set to buy Fortum's (FORTUM.HE) stake in Uniper (UN01.DE) and inject a further 8 billion euros ($8 billion) as part of a nationalisation of the gas importer, Uniper said on Tuesday. The capital injection, which would come via a capital increase subscribed only by Germany's government, would bring the total package of loans and equity used to stabilise Uniper so far to at least 29 billion euros. Register now for FREE unlimited access to Reuters.com RegisterFortum, which owns a 78% stake in Uniper, said that the deal will include the "return of the financing Fortum granted to Uniper" which the Finnish group has put at 8 billion euros. ($1 = 1.0019 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Markus Wacket and Riham Alkousaa in Berlin, Tom Kaeckenhoff in Duesseldorf and Christoph Steitz in Frankfurt, editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

☆ Germany to unveil Uniper nationalisation on Wednesday - source
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: 1 min

Register now for FREE unlimited access to Reuters.com RegisterThe Uniper logo is seen at the utility's firm headquarters in Duesseldorf, Germany, July 8, 2022. REUTERS/Wolfgang RattayCompanies Uniper SE FollowFortum Oyj FollowFRANKFURT, Sept 20 (Reuters) - Germany is expected to unveil key details of a full nationalisation of gas importer Uniper (UN01.DE) on Wednesday that is likely to include the exit of major shareholder Fortum (FORTUM.HE), a person familiar with the talks said. Fortum declined to comment. Register now for FREE unlimited access to Reuters.com RegisterReporting by Christoph Steitz and Essi Lehto, Editing by Miranda Murray and Sabine WollrabOur Standards: The Thomson Reuters Trust Principles.

☆ Germany reaches provisional agreement on Uniper nationalization - Bloomberg
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterThe logo of German energy utility company Uniper SE is pictured in the company's headquarters in Duesseldorf, Germany, March 10, 2020. REUTERS/Thilo SchmuelgenCompanies Uniper SE FollowFortum Oyj FollowBERLIN, Sept 20 (Reuters) - Germany has reached a provisional agreement with Uniper (UN01.DE) and its Finnish parent, Fortum (FORTUM.HE), about nationalizing the ailing German gas importer, Bloomberg reported on Tuesday, citing sources familiar with the situation. The German government aims to make an announcement regarding the agreement this week although contracts have not yet been signed, according to the report. Register now for FREE unlimited access to Reuters.com RegisterFortum also did not comment on the report while Uniper was not immediately available for comment. Register now for FREE unlimited access to Reuters.com RegisterReporting by Tom Kaeckenhoff, Christoph Steitz, Riham Alkousaa, Writing by Miranda Murray, Editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

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