COPENHAGEN (Reuters] -Finland’s Fortum announced Thursday that it will leave Russia and was looking for a buyer for the assets. It said this after Finland submitted a NATO application. Kremlin angered the move.

Fortum, which is majority-owned by the state, stated in March that it will continue operations in Russia and freeze any new investment.

The company announced on Thursday that it would “pursue controlled withdrawal” from Ukraine, following the expulsion of a number of Western corporations.

Markus Rauramo, Chief Executive of the firm, stated to Reuters that he was going to try and find a buyer after it posted an operating loss for its first quarter. The losses were attributed to Uniper’s weakness.

Fortum’s shares fell another 6% in 1205 GMT, after they were already at around 30% decline since Russia invaded.

Credit Suisse analysts stated in a note that they expect few buyers and an expensive exit option.

Rauramo claimed that assets were subject to interest for many years, but declined any comment regarding current interest.

When asked if Finland’s NATO declaration had made matters more complicated, he replied: “I don’t know whether it will have an effect or not but…generally speaking, the operating environment is more volatile and tense, and we are more prepared.”

Fortum has seven power plants in Russia that provide district heating. Fortum, which owns 78% of Uniper, has five Russian plants through Unipro.

“SANCTIONS-COMPLIANT” GAS PURCHASES

Fortum has Russian business, and earned about a fifth last year. Fortum also is exposed through Uniper which purchases large amounts of Russian gas via long-term supply agreements.

Rauramo stated that the company was working closely with Gazprom, the Russian giant of gas and the German government to determine how Moscow will pay for its gas in roubles.

European gas buyers worry that their acceptance of that demand under which they must open Gazprombank accounts for future payments could violate sanctions against Russia.

Rauramo stated that Uniper will continue to pay in euros for Russian gas. He said that the only solution is for the sanctions-compliant parties to work out a compromise.

Fortum previously stated that it will record a pretax impairment of 2.1 million euros for its Russian operations during the first quarter. After which, the company’s net assets are worth 3.3 miliarde euros.

According to analysts polled by the company, the operating loss for the first quarter was 438 millions euros ($460m). This compares with a profit of 1.2billion euros a year ago.

Finland declared on Thursday that it would join NATO “without delay”, while Sweden was expected to follow. According to the Kremlin, Helsinki’s announcement was a threat to Russia. They threatened unspecified responses.

($1 = 0.9520 euros)