Finnish companies will withdraw from Russia as the Ukrainian conflict continues to shake the stock market

Several Finnish companies have suspended their operations in Russia due to the occupation of .

Nokia announced on Tuesday that it would stop deliveries to Russia. According to a report, the Finnish telecommunications company said the transfer was a way to comply with sanctions imposed on the country.

Helen, an company owned by the City of Helsinki, has also announced that it will stop sourcing coal from Russia "due to the geopolitical situation."

The company is said to be preparing for the effects of sanctions on imports of gas, coal, oil and energy.

"Our energy supply is secured for the rest of the winter and spring and summer. In the winter season 2022–2023 we do [be] new heat production methods, such as the bioheat plant and the seventh heat pump for Katri Vala," the company said in a statement.

According to ’s report, the Finnish state railway company VR has decided to terminate communication with the Russian Railways (RZD), except for relevant information related to cross-border traffic.

At the request of the authorities, the railway carrier will continue to operate its Allegro train so that Finnish can return home from Russia and to leaving Russia.

VR will allow passengers with a Ukrainian passport to travel on trains in Finland free of charge during March. The Finnish bus company OnniBus has also announced that it will offer free asylum to Ukrainian asylum seekers in March.

Russia announced on Tuesday that it would temporarily ban foreign investors from selling Russian assets. This means that Western companies, which are currently rushing to give up investment, will not be able to sever ties with the country.

According to the Russian The wants investors to be able to make informed decisions based on financial considerations when making timely decisions "under political pressure."

European financial markets will continue to decline as a result of the new sanctions, as the London, Frankfurt and Paris stock exchanges fell about three per cent on Tuesday afternoon.

The OMX HEX25 stock exchange index also showed a three percent drop on the Helsinki Stock Exchange. The price of oil rose to more than $ 100 a barrel on Tuesday afternoon.

Source: The Nordic Page

Related Posts