Wärtsilä to write off nearly €200m linked to operations in Russia

The company has pledged to comply with all future trade sanctions

Big Zero Report 2022

Finland’s manufacturer of marine and energy equipment Wärtsilä has said it will write off an estimated €200 million (£167m) in assets and business operations as a result of Russia’s attack on Ukraine.

Russia-related activities accounted for approximately 5% of the Finnish energy company’s net sales in 2021, of which service net sales were nearly €40 million (£33.4m).

In a statement, the company said: “All these actions regarding our business in Russia will also have a negative impact on Wärtsilä’s operational financials.”

It added that after Russia’s attack on Ukraine, Wärtsilä immediately suspended all deliveries, sales, orders, and bidding to Russia.

It said: “We are complying with all current and will comply with all future trade sanctions applicable to our operations.

“In the current environment, it is not viable for Wärtsilä to maintain activities in Russia and therefore has decided to further downscale its Russian operations.”

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