Danish turbine manufacturer Vestas has said it will withdraw fully from the Russian market over the country’s invasion of Ukraine.
The company, which held its AGM in Aarhus today, said last month it would continue with ongoing contracts but a review has now concluded it should pull out.
“In light of the invasion, Vestas stopped new commercial activity in Russia in early March. After this decision, Vestas began reviewing different scenarios, including if we could fulfil our existing obligations, and how we could ensure an orderly withdrawal from Russia, if the war continued,” the company said in an updated statement today.
Vestas added: “Following this review and how the situation has evolved, we have taken the decision to withdraw from Russia.
“The withdrawal aims to ensure the safety and livelihood of our employees in Russia as well as safeguard Vestas’ interests through an orderly transfer of our business in compliance with international and local law, which entails certain activities may continue during a transition period.”
The company said it “condemns the Russian government’s invasion of Ukraine and the atrocities reportedly committed by the Russian army and the growing humanitarian crisis caused by the invasion”.
It added: “Our thoughts go to the people of Ukraine, and we hope we’ll soon see a peaceful resolution.”