UK Markets closed
  • FTSE 100

    7,585.46
    +20.54 (+0.27%)
     
  • FTSE 250

    20,372.52
    +123.78 (+0.61%)
     
  • AIM

    968.25
    +10.25 (+1.07%)
     
  • GBP/EUR

    1.1764
    +0.0023 (+0.20%)
     
  • GBP/USD

    1.2631
    +0.0025 (+0.2021%)
     
  • BTC-GBP

    22,910.45
    +18.93 (+0.08%)
     
  • CMC Crypto 200

    625.79
    -3.71 (-0.59%)
     
  • S&P 500

    4,158.24
    +100.40 (+2.47%)
     
  • DOW

    33,212.96
    +575.77 (+1.76%)
     
  • CRUDE OIL

    115.07
    +0.98 (+0.86%)
     
  • GOLD FUTURES

    1,857.30
    +3.40 (+0.18%)
     
  • NIKKEI 225

    26,781.68
    +176.84 (+0.66%)
     
  • HANG SENG

    20,697.36
    +581.16 (+2.89%)
     
  • DAX

    14,462.19
    +230.90 (+1.62%)
     
  • CAC 40

    6,515.75
    +105.17 (+1.64%)
     

Maire Tecnimont to suspend Russian operations by June as sanctions weigh

·1-min read

(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)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting