ForwardEnergo did not allow Finnish Fortum to withdraw tens of billions from Russia

Sergey Kondratiev, Principal Director on Economic Studies at the Institute for Energy and Finance, commented to the internet portal Pravda UrFO on the Russian assets of the Finnish Fortum.

"Whether Finnish Fortum will write off these loans, I think, depends more on the accounting policy of the company and its expectations. Earlier, Fortum wrote off investments in Russian assets by 1.7 billion euros, so I would not rule out that now the company can do the same and at least should accrue reserves in accordance with its accounting policy. In the corporation's annual report, the impact on the net loss due to Russian assets in 2022-2023 is estimated quite modestly at 0.34 billion euros, therefore, I think that no write-off (revaluation) of assets has been carried out yet," the expert noted.