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German airport operator Fraport has halted its business at Pulkovo Airport (LED) in St Petersburg, Russia, following Russia’s invasion of Ukraine.
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At present, Fraport has a 25% stake in Northern Capital Gateway, which runs Pulkovo Airport.
Fraport has been its minority stakeholder since 2009.
It holds the minority interest in the form of an asset and is currently exploring all options in order to retrieve these assets.
The German firm said: “The concession contract excludes the sale of Fraport’s stake in the company.”
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By GlobalDataThe operator is currently assessing the impact of international economic sanctions against Russia on its minority holding.
Fraport said that it is currently not involved in any business at Pulkovo Airport or in any operations of the airport that are overseen by Northern Capital Gateway’s management.
Besides, it does not have its personnel on-site while Pulkovo’s management board does not incorporate any of its active or former staff.
According to the operator, this implies that it is not ‘transferring any know-how’ to Russia.
Fraport CEO Dr Stefan Schulte said: “There is no justification for the attack on Ukraine by Russian forces. We condemn this war for being an armed attack on a sovereign state and its people – a clear breach of international law that is causing unspeakable suffering to the people of Ukraine.
“The war brings indescribable suffering to the people of Ukraine. In these hours and days, our thoughts and sympathy are with the Ukrainians who are enduring so much pain.”
