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Fri November 15 2024

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Strabag cuts Russian ties

16 Mar 22 Strabag’s core shareholder has cancelled a Russian syndicate agreement and suspended dividend payments to stop a sanctioned oligarch receiving funds from projects including HS2.

Strabag SE CEO Thomas Birtel
Strabag SE CEO Thomas Birtel

Haselsteiner Familien-Privatstiftung terminated the agreement with Rasperia, Uniqa and Raiffeisen Group, after all efforts to acquire the shares have failed. The agreement had been in effect since 2007. Rasperia is part-owned by Russian oligarch Oleg Deripaska, who is subject to UK sanctions due to his reputed proximity to Russian president Vladimir Putin.

鈥淭he management board welcomes the step taken by our core shareholder, the Haselsteiner family foundation, to achieve clarity by terminating the syndicate agreement,鈥 said Strabag SE chief executive Thomas Birtel. 鈥淥n the part of the management, we are prepared to take all legally possible measures to avert any harm to the company. In view of the sanctions currently imposed by the UK and Canada, this refers in particular to the payment of dividends. As far as Strabag鈥檚 Russian business is concerned 鈥 currently of subordinate importance with 0.3 % of the group鈥檚 output volume 鈥 the Management Board has decided to wind up the activities in that country.鈥

Strabag said that, in view of the enormous hardship of the Ukrainian population being impacted by the war, it has initiated and financed extensive aid measures, especially in the most affected group countries of Poland, the Czech Republic, Slovakia and Moldova. 鈥淚n accordance with the group鈥檚 code of values, the shareholders, Management Board and employees of Strabag SE will proudly continue these initiatives in the future,鈥 it said.

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