Fortenova Group: Sanctions Against Russia Will Not Affect Our Business

Fortenova Group does not expect that the current and possible new sanctions against Russia will negatively affect its daily operations, as the Russian banks in the group do not hold majority management and ownership rights.

– Regarding the potential impact of the current and potential new sanctions that Europe is announcing in relation to Russia, Fortenova Group does not expect their negative impact on daily operations. The banks owned by Russians in Fortenova Group do not have majority management and ownership rights, they are below 50 percent, and the second largest shareholder of the company is domestic Croatian owners –  it is emphasized in the statement of Fortenova Group.

They also state that Fortenova Group has a stable capital structure, in which financing is led by American investors HPS Investment Partners, and no impact of sanctions is expected on the regular financing of Fortenova Group.

Namely, Fortenova Group d.d. was established on April 1, 2019, through the successful implementation of the creditor settlement in Agrokor, and the ownership structure includes two Russian banks – Sberbank and VTB. 

The European Commission will present a package of sanctions on Thursday that will target strategic sectors of the Russian economy following the barbaric attack on Ukraine and the cynical arguments justifying it, said European Commission President Ursula von der Leyen.  

– The Commission will present a package of mass and targeted sanctions and propose to the leaders of the member states who are meeting tonight to approve them –  said von der Leyen.

This package will target strategic sectors of the Russian economy by blocking their access to key technologies and markets.

– We will weaken the economic base of Russia and its ability to modernize. We will freeze Russian assets in the EU and stop Russian banks’ access to the European financial market. These sanctions are designed to take a heavy toll on the interests of the Kremlin and its ability to finance the war – said von der Leyen.