Air traffic - Putin gives airport to Russian administration - Fraport out
Russian President Vladimir Putin has ordered a new operator structure for Pulkovo Airport in St. Petersburg, forcing the major German shareholder Fraport out of the business. Fraport had held 25 percent of the previous operating company. Putin justified the move with "unfriendly actions of some foreign states and international organizations", as can be seen from his decree published on Friday night.
Upon request, Fraport stated that the company would first have to verify the information and examine "what this means for our investment in St. Petersburg, which we have put on hold since the Russian war of aggression, in the future."
After the start of the Russian war of aggression against Ukraine, Western companies withdrew en masse from the market of the giant empire. Many sectors of the Russian economy are subject to Western sanctions as a result of the war. In recent months, Putin has repeatedly ordered forced administrations in order to secure the operation of factories and companies as well as jobs.
The new measures regarding Pulkovo International Airport were taken "in connection with the threat to the national interests and economic security of the Russian Federation", it was reported. Accordingly, 100 percent of the shares of the Northern Capital Gateway (NCG) consortium, which is registered in Cyprus via the company Thalita Trading Ltd, will be transferred to a new holding company established by the Russian government. The Russian shareholders retained their rights, the foreign investors did not.
Fraport had declared its intention to withdraw from the operation of the airport after the start of the war. In September, the head of the Russian bank VTB, Andrey Kostin, declared that the parameters of Fraport's exit should be determined by the end of this year. He had stated the value of the Fraport share at 111 million euros. A total of 13 different companies belonged to the previous holding company NCG, which was awarded a 30-year contract to operate Pulkovo Airport in 2010.
Putin's decree
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- Despite the ongoing conflicts between Russia and Ukraine, Fraport, a German company, had held a 25% share in the operating company of Pulkovo Airport in St. Petersburg.
- Following Vladimir Putin's decree, Fraport's involvement in the management of Pulkovo Airport has come to an end, as 100% of the shares are now under Russian control.
- The Russian President justified the move by citing "unfriendly actions of some foreign states and international organizations," referring to the Western sanctions imposed due to the Russian war of aggression in Ukraine.
- The Russian war of aggression has led to a significant withdrawal of Western companies from the Russian market, impacting various sectors, including the airport industry.
- The dispute over Pulkovo Airport highlights the increasing nationalization of economic assets in Russia, with Putin seeking to secure the operation of factories and companies to protect jobs and national interests.
Source: www.stern.de
