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Fortum, Uniper shares plunge on ongoing Russian business -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The Uniper SE logo is seen in Duesseldorf’s German headquarters, Germany on March 10, 2020. REUTERS/Thilo Schmuelgen/File Photo

FRANKFURT (Reuters – After Fortum stated that it still runs operations in Russia, Uniper shares plunged and Fortum became the largest shareholder.

On Thursday, Russian forces invaded Ukraine in an unprecedented land-, sea-, and air assault. This was the largest European attack against another state since World War Two.

Fortum released a statement saying that Russia is not sanctioned for energy production. Therefore, our operations in Russia have not been directly affected. Fortum stated that the company was closely monitoring developments in counter-sanctions as well as sanctions.

Uniper’s shares fell as high as 16.7% to the lowest point since Dec. 23, 2020.

Finland’s Fortum owned 76% Uniper and was 8.3% lower at 18.9 euros.

Fortum, Uniper and 7,000 other people work in Russia’s 12 power stations.

Uniper was one of the financial backers for Nord Stream 2, a gas pipeline project whose German Chancellor Olaf Scholz suspended its certification Tuesday due to Ukraine’s crisis.

Uniper announced Wednesday that they were examining whether Berlin’s suspension of Nord Stream 2 would affect its 1 billion Euro ($1.1B) project exposure.

($1 = 0.8890 euros)

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