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Finnish Utility Halts All New Investments in Russia

  • Fortum and its Uniper unit already own 12 Russian power plants
  • Company also seeking license extension for Finnish reactors
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Finland’s Fortum Oyj will stop all new investment projects and cut the number of its power plants in Russia, pulling back just as it looks to bolster energy generation at home. 

The utility is following global energy giants from BP Plc to Exxon Mobil Corp. in retreating from Russia after President Vladimir Putin’s invasion of Ukraine. While Fortum isn’t exiting entirely, the move marks a significant retrenchment for a company that earns about a fifth of its operating income in the country.