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Russia places Unipro under state administration

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Picture of Meenal Datar

Meenal Datar

Membership specialist

On 25 April, Russia published a presidential decree allowing the authorities to introduce temporary administration for assets owned by certain foreign companies in Russia, apparently including Uniper, according to a statement from the company. Uniper is currently reviewing the legal situation. In Uniper’s case, this concerns a shareholding of 83.73% in Unipro, which is listed in Russia and has over 4,000 employees.

Uniper had already decided to sell this stake in summer 2021 and informed the Russian government about it in autumn 2021. A contract with a Russian buyer was signed in September 2022. The intention to sell was submitted to the Russian authorities for approval, but this has not yet been granted.

In addition, Uniper has de facto no longer been able to exercise operational control over Unipro since the end of 2022. In balance sheet terms, Unipro has been deconsolidated and practically completely written off since the end of 2022.

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