Christian Wenande
August 25th, 2022

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Grundfos on cusp of leaving the Russian market (photo: Grundfos)

Almost a quarter of century after first opening an office in Russia, Danish water solutions giant Grundfos has announced its intention to permanently withdraw from the country.

Grundfos temporarily halted business in Russia and Belarus in March following the Russian invasion of Ukraine. Now, it’s closed operations in both countries.

“On 3 March 2022, Grundfos paused its business in Russia and Belarus. Since then, Grundfos has been winding down its activities, including a reduction of staff and settling relationships with customers, vendors and other partners, whilst continuously assessing the situation,” wrote Grundfos.

“With no signs that the situation will change, and in line with its values, Grundfos has now taken the decision to fully close its business in Russia and Belarus.”

Grundfos has an annual turnover of close to a billion kroner in the Russian market.

READ ALSO: Royal House sticks with Ecco despite Russia situation

Bornholm to host Baltic summit
In related news, EU Commission pPresident Ursula von der Leyen will be among the EU bigwigs arriving in Denmark on August 30 to take part in an international summit concerning the independence of Russian energy in the Baltic Sea Region. 

The EU leaders will be joined by state heads and energy ministers from Germany, Sweden, Finland, Estonia, Latvia, Lithuania and Poland.

The summit, which will take place on the Baltic Sea island of Bornholm, will also discuss the expansion of offshore wind energy development in the region.

“Energy independence and a farewell to black energy is a shield that can protect us from Russian threats,” said the climate minister, Dan Jørgensen.

“The countries around the Baltic Sea are particularly vulnerable in the current situation, but now we will gather on Bornholm to stand together against Putin and harvest the Baltic Sea’s immense wind resources.”