Maire Tecnimont to suspend Russian operations by June as sanctions weigh

(Reuters) - Italy's Maire Tecnimont said on Wednesday it would gradually suspend all operations in Russia by June if conditions do not improve, after the group found it "increasingly difficult" to carry out projects due to EU sanctions.

The order backlog of projects in Russia represents about 12% of the engineering group's total backlog, or approximately 1.1 billion euros at the end of April, it said in a statement.

These would have been carried out in the years 2022-2024 under normal conditions. Resources involved in the project are being redirected elsewhere, it said.

Maire added that remaining activities in the country mostly regard the transfers of existing operations to clients, in compliance with both safety standards and sanctions.

($1 = 0.9482 euros)

(Reporting by Agnese Stracquadanio, editing by Giulia Segreti)