Wärtsilä, who manufactures and services power sources and other equipment in the marine and energy markets, condemns the war in Ukraine. Human safety and prosperity are essential for Wärtsilä and they want to have a consistent business environment wherever they operate.
Wärtsilä has suspended deliveries along with new sales to Russian entities and is going to comply with sanctions being implemented at the moment. We hope the sanctions are going to expedite a peaceful resolution.
A Q&A on the current situation
What view does Wärtsilä have on the sanctions and the war?
Wärtsilä strongly condemns the ongoing war in Ukraine. Human safety, security, and prosperity are important for Wärtsilä, and we’d like to have a stable and peaceful business environment wherever it is operational.
What financial effect could these sanctions have on Wärtsilä?
The situation has been intensifying by the hour and several details remain unclear. It is too soon to speculate or comment on the impact. The scenario is being monitored and necessary business actions will be taken where and when needed.
Wärtsilä is committed to complying with sanctions applicable to it.
It also has agreed to suspend deliveries as well as new sales to Russia.
How is Wärtsilä’s exposure to both Russia and Ukraine?
Russia had ~2% of Wärtsilä’s net sales in 2021. Sales to Ukraine are almost zero.
Are you going to keep selling to customers in Russia? Is Wärtsilä going to dismiss sales or simply the new business?
Wärtsilä has suspended deliveries and sales to Russia. This applies to existing contracts and projects that are in the pipeline.
What type of role does Russia have in the procurement chain? How would you mitigate that if sanctions remain for long?
Procurement from Russia is not quite significant.
What type of business does Wärtsilä do in Russia?
Wärtsilä’s primary activities in Russia are related to Marine Businesses’ new build and services. Our activities in the field of Energy are restricted to small portions of service activities.
What type of assets does Wärtsilä have in Russia?
Mainly service and office facilities.
Do you have production in Russia?
Do you have operations or exposure to any activities in Belarus?
Sales and supply in Belarus are insignificant.
Do you have any ongoing projects in Russia? Are you going to halt deliveries for those?
Yes, there are some ongoing projects. Wärtsilä has suspended its deliveries and all new sales to Russia.