Russia’s invasion of Ukraine is progressing, and companies are beginning to take first steps toward abandoning relationships with Russian Federation entities. Offshore wind investors in Europe, including in the Baltic Sea region, are making their first statements in the area, amongst them are Norway’s Equinor and Denmark’s Ørsted. On BalticWind.EU we will observe investors’ actions in connection with the conflict in Ukraine.

Mads Nipper, CEO of Danish wind giant and an investor in the Baltic Sea region Ørsted, issued Ørsted’s statement on the Ukraine-Russia war. Ørsted finds the situation deeply disturbing, not only because of the human suffering caused by the war in Ukraine.

– Russian aggression goes against everything Ørsted stands for, which is why we have taken significant steps in line with our values as a company, Nipper pointed out.

Ørsted management took immediate action. The company does not enter into new contracts with Russian companies and has verified that none of Ørsted’s direct suppliers for renewable power plant construction are from Russia. The company has committed funds to Unicef (the exact value was not indicated) and is also looking at how best to support local organizations in Poland in dealing with the refugee situation.

In addition, in other areas of the energy sector, Ørsted has stopped sourcing biomass and coal for power plants from Russia. When it comes to Gazprom gas that is supplied to Denmark, Ørsted recommends clear and coordinated action from the EU and the UK, Nipper pointed out. A shortage of gas supply, as opposed to a halt in supply of other types of products, will have serious consequences for people and society.

– Therefore, dependence on Russian gas and any ban on gas imports from Russia must be established and enforced with clear political sanctions, the Danish company’s representative pointed out.

He added that all potential EU or national sanctions affecting gas supply will be fully supported and implemented immediately.

Now the investor is paying special attention to those colleagues who have family members and friends in Ukraine.

Equinor to start pulling out of joint ventures in Russia

In turn, the announcement of the Norwegian company Equinor, which also invests in the offshore wind sector in the Baltic region, reads that the Board of Directors of Equinor has decided to suspend new investments in Russia and to begin the process of exiting Equinor’s Russian joint ventures.

– We are all deeply concerned about the invasion of Ukraine, which is a terrible setback for the world, and we are thinking of all those who are suffering from the hostilities, says Anders Opedal, President and CEO of Equinor.

Earlier this week, Equinor will present a commitment to contribute financially to humanitarian efforts in the region.

Anders Opedal, president and CEO of Equinor, stressed that the main priority in this difficult situation is the safety and security of employees. Equinor has been present in Russia for more than 30 years and entered into a cooperation agreement with Rosneft in 2012. Equinor had $1.2 billion in fixed assets in Russia at the end of 2021.

Equinor is operating in compliance with sanctions of Norway, European Union, and U.S., the release reads.