Fortum is a leading Finnish utility (51% owned by the Finnish state) with activities focused on power generation, city solutions and retail clients. The Fortum group is now also the major shareholder in German utility Uniper (with a shareholding of at least 75%) and fully consolidates Uniper in its accounts. Fortum has significant exposure to Russia both via its own activities and those of Uniper’s subsidiary Unipro. Russia accounts for an assumed two-thirds of the group’s carbon footprint.
Fortum is currently reviewing its exposure to Russia, which include rules on capital export. Up to now, dividends were repatriated in the normal way; the situation going forward is unclear, but it may be difficult to repatriate capital in future.