Finland’s Metso Outotec has booked a €150 million charge against its large Russia mining business, as sanctions continue to bite Western suppliers after Vladimir Putin’s February invasion of Ukraine.
The Helsinki-listed Metso Outotec said it had wound down its business operations and customer contracts in Russia during the June quarter, when it made €67m of deliveries to non-sanctioned Russian customers. The company had about €479m of orders to Russia at the end of March this year; €315m was expected to be recognised as sales in 2022, including €215m to non-sanctioned customers.
“The negative impact of the wind down in the group’s order backlog at the end of June is approximately €380 million,” Metso Outotec said.
“Metso Outotec will continue to monitor the situation closely, as further changes are expected in the sanctions and export control restrictions, as well as in the availability of banking facilities and logistics.”