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☆ Exclusive: EU nuclear agency sees some Russia imports up again in 2023 from before Ukraine war
▼ + stars: | 2023-12-01 | by ( Gabriela Baczynska | ) www.reuters.com time to read: +5 min

Its overall imports from Russia's nuclear energy industry held steady last year despite rising demand for nuclear power driven by high energy costs and a push to cut carbon emissions. The trend highlights challenges EU faces in reaching its long-term goal of achieving VVER fuel self-sufficiency. EU imports of natural uranium from Russia fell 16% last year from 2021, a drop compensated by increase in deliveries from Kazakhstan and Uzbekistan, ESA said. In 2022, the EU's Russian nuclear energy imports were worth around 750 million euros ($823 mln), or 1% of the bloc's Russian gas imports, according the European Commission. Sources said, however, that the proposal - which is not public - does not include sanctions on Russia's nuclear energy industry.

Persons: Radovan Stoklasa, ESA's, Stefano Ciccarello, Ciccarello, Finland's, Gabriela Baczynska, Anne Kauranen, Timothy Gardner, Tomasz Janowski Organizations: REUTERS, Union, Euratom Supply Agency, ESA, Reuters, U.S, Westinghouse, Commission, U.S ., Thomson Locations: Mochovce, Slovakia, Russia, BRUSSELS, Russian, Moscow, Ukraine, Bulgaria, Czech Republic, Finland, Hungary, France, Sweden, Belgium, Kazakhstan, Uzbekistan, Europe, United States, Brussels, Helsinki, Washington, Budapest

☆ Sweden plans new nuclear reactors by 2035, will share costs
▼ + stars: | 2023-11-16 | by ( Simon Johnson | ) www.reuters.com time to read: +2 min

By 2045 the government wants to have the equivalent of 10 new reactors, some of which are likely to be small modular reactors (SMRs), smaller than conventional reactors. Energy Minister Ebba Busch said the government was planning a "massive build out" of new nuclear power by 2045. "It's decisive for the green transition, for Swedish jobs and at heart for the welfare of our citizens," she told reporters. Countries like Poland, the Czech Republic, and Britain are looking at expanding nuclear power as societies transition to a fossil-fuel free future. Sweden voted to get rid of nuclear power in 1980, and has only six of an original 12 reactors still in production.

Persons: Tom Little, Ebba Busch, Elisabeth Svantesson, Busch, Finland's, Germany's Uniper, Simon Johnson, Chizu Nomiyama, Elaine Hardcastle Organizations: Rights, Energy, EDF, Thomson Locations: Swedish, Stockholm, Sweden, Rights STOCKHOLM, Poland, Czech Republic, Britain

☆ Carlsberg would rather lose its Russian business than negotiate a deal with Moscow, and it shows how hard it is for companies to exit the market
▼ + stars: | 2023-11-02 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

The CEO of Danish brewer Carlsberg says Moscow has "stolen" its business in Russia. Moscow seized Carlsberg's assets in July, weeks after the brewer announced it had found a buyer for its Russian business. Carlsberg said it's cutting ties with its Russian business as it can't find an acceptable solution to resolve the issue. AdvertisementAdvertisementDanish brewer Carlsberg operates eight breweries and employs more than 8,000 people through its Russian unit, Baltika Breweries. However, on July 16, Russia seized Baltika.

Persons: Carlsberg, Moscow, —, Jacob Aarup, Andersen, Dmitry Medvedev, Medvedev, they'd, Baltika, Carlsberg's Organizations: Service, Carlsberg, Baltika Breweries, Carlsberg Group, Financial Times, Russian, Unilever Locations: Moscow, Russia, Carlsberg, Ukraine, British

☆ A timeline of 5 major hurdles Russia's imposed on Western firms trying to exit the country
▼ + stars: | 2023-09-08 | by ( Huileng Tan | ) www.businessinsider.com time to read: +7 min

The Russian foreign ministry did not immediately respond to a request for comment from Insider sent outside regular business hours. Some companies trying to exit Russia recently are facing demands of even steeper discounts, Reuters reported on August 25, citing three persons familiar with exit processes for foreign companies. Both firms had been trying to exit Russia for months before the seizures, before the sudden takeover. In July, Moscow targeted the Russian assets of food and beverage giants Danone and Carlsberg for seizures. A month later, in September, Russia demanded foreign banks unfreeze Russian assets if they wanted to exit the market.

Persons: Linklaters, —, Vladimir Putin's, Germany's, Fortum —, Putin, Dmitry Peskov, Alexei Moiseev Organizations: Service, Yale University, Russia, Russian, Novaya Gazeta, Companies, Kremlin, Investors, Danone, Carlsberg, Financial Times, UBS, Credit Suisse —, Zenit Bank, Reuters, Raiffeisen Locations: Russia, Wall, Silicon, Ukraine, London, Russian, Moscow

☆ Putin ordered 2 Western corporate giants to be seized after Kremlin-friendly businessmen expressed an interest in them: report
▼ + stars: | 2023-07-19 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Putin ordered Danone and Carlsberg seized after Kremlin-friendly businessmen expressed interest, per the FT.A Chechen leader and a businessman close to Putin have taken over the companies' assets in Russia. Russia seizing the local operations of Danone and Carlsberg was not the first time the country took control of Western firms. Managers from Rosneft, a state energy company headed by Putin ally Igor Sechin, took over both energy companies. Independent Russian newspaper Novaya Gazeta reported on Thursday, Russian businessmen bought the assets of 110 Western companies "that have fully or partially left Russia" at bargain-bin prices. Danone said in a Sunday statement it was "preparing to take all necessary measures to protect its rights as shareholder."

Persons: Putin, Vladimir Putin, Moscow, Yakub Zakriev, Ramzan Kadyrov —, Taimuraz, Igor Sechin, Ekaterina Kurbangaleeva, Kurbangaleeva, Hassan Malik, Loomis Sayles, Danone, Carlsberg Organizations: Danone, Carlsberg, Kremlin, Observers, Service, Financial Times, Vedomosti, Rosneft, Analysts, Russia's, Independent Russian, Novaya Gazeta, Carnegie Endowment, International, Boston Locations: Russia, Wall, Silicon, Russian, Moscow, Ukraine

☆ Russia ramps up its economic war with the West as it seizes local operations of 2 corporate giants
▼ + stars: | 2023-07-17 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Russia escalated its economic war with the West by seizing local operations of Carlsberg and Danone. They marked the second seizures of Western assets since the Kremlin unveiled a decree in April. To slow the exodus of Western firms out of Russia, the Kremlin previously mandated a steep discount for any firms trying to sell their local operations as well as an exit tax. But the recent seizures of Western assets signal a continued escalation in Russia's economic war with the West, which imposed punishing sanctions on Moscow in 2022 for its war on Ukraine. Meanwhile, 523 of the major firms in the study have permanently withdrawn from Russia, while 503 firms have temporarily suspended operations.

Persons: Vladimir Putin, Germany's Uniper, Danone Organizations: Carlsberg, Danone, Kremlin, Service, Russian, Carlsberg Group, Danone Russia, Yale School of Management Locations: Russia, Wall, Silicon, Danish, Moscow, Ukraine

☆ Moscow takes control of Russian subsidiary of Danone and Carlsberg's stake in brewer
▼ + stars: | 2023-07-16 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, July 16 (Reuters) - The Russian state has taken control of French yoghurt maker Danone's (DANO.PA) Russian subsidiary along with beer company Carlsberg's (CARLb.CO) stake in a local brewer, according to a decree signed by President Vladimir Putin on Sunday. The decree said that foreign-owned stakes in Danone Russia and Baltika Breweries were being put under the "temporary management" of government property agency Rosimushchestvo. The move comes after the Russian subsidiaries of Germany's Uniper (UN01.DE) and Finland's Fortum (FORTUM.HE) were taken under state control in April. The decree published on Sunday also said that Danish brewer Carlsberg's stake in Russian-based Baltika Breweries had been put under state management. Carlsberg said in June it had signed an agreement to sell its Russian business, subject to regulatory approvals.

Persons: Vladimir Putin, Finland's, Danone, Carlsberg's, Carlsberg, Caleb Davis, Darya, Andrew Osborn Organizations: Sunday, Danone Russia, Baltika Breweries, Danone, Carlsberg, Thomson Locations: MOSCOW, Russian, Russia

[1/3] A tyre produced by the Finnish group Nokian Tyres on display at a dealership in Moscow, Russia, March 23, 2023. Nokian Tyres' protracted departure illustrates the growing headwinds faced by Western companies that have yet to fully depart the country. "The war changed the operating environment in a rapid and unpredictable way," Nokian Tyres' Chief Transformation Officer Johanna Horsma told Reuters. Additional valuation requirements published in mid-December came in the middle of Nokian Tyres' transaction, he added. The buyer needs to be well selected to avoid scammers, said Nokian Tyres' Horsma.

Persons: Maxim Shemetov, Johanna Horsma, Finland's Fortum, Germany's, Peter Wand, Baker McKenzie, Thomas Kormendi, Kormendi, Alexei Moiseev, Moiseev, Nokian, Tatiana Stanovaya, Elopak, Baker McKenzie's Wand, Alexander Marrow, Darya Korsunskaya, Matt Scuffham, Kirsten Donovan Organizations: Nokian Tyres, REUTERS, Finland's, U.S . Treasury, Reuters, Companies, Thomson Locations: Moscow, Russia, finalising, Ukraine, Western, Frankfurt

☆ Russia should not take temporary control of foreign banks' units, central-bank governor says
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +2 min

President Vladimir Putin on Tuesday signed a decree placing the Russian assets of Finland's Fortum (FORTUM.HE) and Germany's Uniper (UN01.DE), which both operate power plants in Russia, under Moscow's control. "Such decisions should be made with very good reasons, connected to the stable functioning of the Russian economy," Nabiullina said when asked whether Russia could do the same with banks. Foreign banks have stepped in to take business from Russian lenders hit by sweeping Western sanctions imposed after Moscow despatched troops to Ukraine in February 2022. Austria's Raiffeisen Bank International (RBIV.VI), earned more than half of its profit last year from Russia. Reporting by Elena Fabrichnaya, Vladimir Soldatkin, Alexander Marrow and Jake Cordell; Editing by Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

MOSCOW, April 24 (Reuters) - Russia should consider taking over and managing the assets of foreign firms such as Fortum (FORTUM.HE) in Russia, giving them back only when sanctions are lifted, Andrei Kostin, the CEO of state-owned bank VTB (VTBR.MM), said on Monday. "Completing the exit is likely to take further time and there still are significant uncertainties – including regulatory approvals – related to the ongoing divestment process," Fortum said in February 2023. Kostin said Russia should consider taking over foreign companies' assets, a process that he said would mirror restrictions imposed on Russian assets abroad. Kostin named Fortum as an example of a large foreign company whose assets could be targeted. Reporting by Elena Fabrichnaya; Writing by Alexander Marrow Editing by Gareth JonesOur 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.

Russia's Gazprom (GAZP.MM) was once Uniper's biggest supplier of gas, but a big drop in deliveries after Moscow's invasion of Ukraine forced the German gas importer to buy gas elsewhere at much higher prices to honour its contracts. Uniper's investors voted in favour of the two main measures at Monday's meeting, an 8 billion euro capital injection by the German state and allowing a further injection of up to 25 billion euros by Berlin. Maubach said Uniper currently had access to around 2.5 billion euros of funds. As part of the bailout, the German government will end up owning just below 99% of Uniper, Germany's largest gas trader, following two share issues. The loss of Russian gas, Moscow's retaliation for Western sanctions over its invasion of Ukraine, triggered a 40 billion euro net loss for the importer, which provides around a third of Germany's gas, the largest loss in German corporate history.

☆ Uniper boss tells investors to back German bailout or risk all
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT/BERLIN, Dec 19 (Reuters) - Germany's Uniper (UN01.DE) called on shareholders to approve a bailout and nationalisation that will cost the government more than 50 billion euros ($53 billion), warning that it will otherwise have to consider filing for insolvency. Gazprom (GAZP.MM) was once its biggest supplier, but a big drop in deliveries after Russia's invasion of Ukraine forced Uniper to buy gas elsewhere at much higher prices to meet its contracts. "In the Management Board's view, a possible insolvency could lead to a complete loss for shareholders." If the bailout is approved, the German government will end up owning just below 99% of Uniper, Germany's largest gas trader, following two share issues. Germany's Finance Ministry will be responsible for the stake, Uniper said on Monday.

☆ Fortum agrees final terms for Uniper sale to Germany
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: 1 min

HELSINKI, Dec 19 (Reuters) - Finland's Fortum (FORTUM.HE) on Monday said it had signed the final terms of an agreement that will allow the company to sell its shares in troubled utility Uniper (UN01.DE) to the German government. The German government in late September agreed to take over Fortum's Uniper subsidiary, effectively nationalising the gas importer to try to cover losses incurred after Russia cut supplies. Fortum on Monday said it would sell its Uniper shares to Germany for 0.5 billion euros ($532 million) and get back a parent loan of 4 billion euros, in line with the earlier agreement. ($1 = 0.9401 euros)Reporting by Essi Lehto, editing by Terje Solsvik and Stine JacobsenOur Standards: The Thomson Reuters Trust Principles.

☆ Germany nationalizes energy giant Uniper as Russia squeezes gas supplies
▼ + stars: | 2022-09-21 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Uniper has received billions in financial aid from the German government as a result of surging gas and electric prices following Russia's war in Ukraine. The German government on Wednesday agreed to the nationalization of utility Uniper as it strives to keep the industry afloat in the wake of a worldwide energy crisis. The German state is set to own around 98.5% of Uniper. Uniper is Germany's largest importer of gas, and has been squeezed by vastly reduced gas flows from Russia, which have sent prices soaring. Russian state-owned energy giant Gazprom earlier this month indefinitely halted gas flows to Europe via the Nord Stream 1 pipeline, a move Uniper CEO Klaus-Dieter Maubach told CNBC would exacerbate the company's struggles.

Genreal view of electricity pylons and power lines leading from the Uniper coal power plant in Hanau, Germany, early morning November 23, 2016. Alongside surging European gas prices, crude oil jumped more than 2% on Wednesday after Putin announced the partial military mobilisation, escalating the war in Ukraine and raising concerns of even tighter global energy supplies. read moreAfter buying Fortum's stake, the German state will hold about 99% of Uniper, the economy ministry said. Eastbound gas flows via the Yamal-Europe pipeline to Poland from Germany were halted on Wednesday, while Russian supply via Ukraine held stable. read moreMoscow has said it would cut all oil and gas flows to the West if such cap was implemented.

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