The Danish construction materials company Rockwool announced on Tuesday, January 13, that Russia has taken control of four of the company's plants in the Russian Federation, meaning the company no longer controls its assets in the country.
Reuters reports this citing the company's statement.
The company stated that the net worth of the business related to its Russian plants will be written off. According to the company's data, as of December 31, the total capital of its business in Russia amounted to 469 million euros.
Despite this, the company stated that it will defend its legal rights in accordance with the bilateral investment treaty between Denmark and Russia.
However, it noted that it is not very optimistic about the possibility of reversing the decision on the forced external management of its Russian subsidiaries.
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