Strabag cuts Russian connections

By Murray Pollok15 March 2022

Strabag is to close its contracting operations in Russia and terminate its agreements with Russian shareholders.

The company is majority owned by the Haselsteiner foundation in Austria but with additional ownership through a syndicate agreement involving Russian company MKAO ‘Rasperia Trading Limited’, which holds 27.8% of the shares. Rasperia is part-owned by the Russian oligarch Oleg Deripaska, who has been sanctioned by the UK government.

Strabag’s head office in Vienna. (Photo: Strabag.)

Strabag said today that the Haselsteiner foundation, having been unable to acquire the Russian shares, has terminated the syndicate agreement with UNIQA, Raiffeisen Groups and Rasperia.

The company will also close its Russian operations, which represent around 0.3% of group revenues.

On Monday this week, Strabag had said it was able to operate legally in the UK, US and EU despite the sanctions against Deripaska.

Thomas Birtel, CEO of Strabag SE; “The Management Board welcomes the step taken by our core shareholder, the Haselsteiner family foundation, to achieve clarity by terminating the syndicate agreement.

“On the part of the management, we are prepared to take all legally possible measures to avert any harm to the company. In view of the sanctions currently imposed by the UK and Canada, this refers in particular to the payment of dividends.”

Strabag said that in response to the enormous hardship of the Ukrainian population, it had initiated and financed extensive aid measures, especially in the most affected group countries of Poland, the Czech Republic, Slovakia and Moldova.

MAGAZINE
NEWSLETTER
Delivered directly to your inbox, World Construction Week Newsletter features the pick of the breaking news stories, product launches, show reports and more from KHL's world-class editorial team.
Longer Reads
Technological advances in skid steers
The latest advances in technology are giving greater benefits to skid steer operators
Mini excavators: new tech and alternative power
An increasingly common piece of equipment on construction sites, demand for mini excavators is growing across many worldwide markets
ConTech: Not a silver bullet, but a long-term partner
Matt Desmond of technology giant Hexagon’s Heavy Construction division, talks to Construction Europe about the benefits to contractors of adopting digital technology
CONNECT WITH THE TEAM
Andy Brown Editor, International Construction Tel: +44 (0) 1892 786 224 E-mail: andy.brown@khl.com
Simon Kelly Sales Manager Tel: +44 (0) 1892 786 223 E-mail: simon.kelly@khl.com
CONNECT WITH SOCIAL MEDIA