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March 28, 2022

Finland’s Wärtsilä pauses business in Russia

Wärtsilä paused all deliveries and sales to Russia and Belarus.

Understand the impact of the Ukraine conflict from a cross-sector perspective with the Global Data Executive Briefing: Ukraine Conflict

Finnish technology company Wärtsilä has halted its business in Russia, including equipment training, to help build maritime trade pressure on the country for its Ukraine offensive, reported Reuters.

The company paused all deliveries and sales to Russia and Belarus in the wake of Russia’s military invasion of Ukraine.

Wärtsilä plans to take action to ‘follow the European Union sanctions framework as it evolves’, quoted the news agency, citing a company spokesperson.

The spokesperson added: “As part of this, training on using our engines/ship technology for Russian legal entities has been halted, regardless of the nationality of the individuals.”

To increase trade pressure on Russia, Germany-based MAN Energy Solutions is also evaluating contracts and has discontinued training on its equipment in the country.

In a statement, the company said that all existing contracts and orders linked to Russia ‘have to be reviewed on a case by case base’, stated the news agency.

Russia’s maritime industry is already under stress, with several shipping firms withdrawing amid Western sanctions.

Last week, the UK placed sanctions on Russian shipping company Sovcomflot, which transports oil and liquefied natural gas from Russia, as well as cargoes from other countries.

Earlier this month, UK-based ship classification society Lloyd’s Register also pulled back from offering services to Russia, which affected Russian-owned, controlled or managed assets and firms.

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