Technology group Wärtsilä has announced that its orderly exit from the Russian market has been completed. This follows its announcement of scaling down activities in April 2022.
Wärtsilä continues to strongly condemn Russia’s invasion of Ukraine, stating that human rights, safety and prosperity are very important for the company. Wärtsilä has fully committed to complying with all trade sanctions applicable to its operations from the beginning of the war, and it has now ceased all business operations in Russia across all business units.
All adjustments and closures of Wärtsilä’s operations were completed in accordance with local regulations.
As part of the exit, the Wärtsilä Digital Technologies (WDT) office in Saint Petersburg has been closed. In accordance with local regulations, a reduced team will conduct final procedures to complete the closure. All operations there have ceased. Wärtsilä has built new R&D capabilities outside of Russia to secure the uninterrupted delivery of customer commitments.
In May/June, Wärtsilä signed agreements to sell the Transas Navigator business and Wärtsilä Vostok LLC to their local management. Transas Navigator will operate as an independent company and will continue to serve its local customers.
Wärtsilä states that it does not provide or deliver any services or parts to the Transas Navigator business following the divestment.
The team previously working for Wärtsilä Vostok LLC continues under a newly established company, V-Vostok LLC, which will continue to provide marine equipment maintenance services locally. Following the divestment, Wärtsilä does not provide maintenance services in Russia.
Wärtsilä has announced that the financial impact of its disengagement with the Russian market is in line with the provisions taken in the first quarter of 2022 and therefore do not have any material impact on Wärtsilä’s Q2 figures.
