Russia Presidential Decree 593 places Fortum's Chelyabenergoremont JSC subsidiary under temporary management of Rosimushchestvo

Mechanism

Decree No. 302 (25 April 2023), "On temporary management of certain property," is Russia's standing legal instrument for placing Russian-based property of companies from "unfriendly" jurisdictions under state-appointed administration (see also 2025-08-29-russia-decree-606-air-liquide-temporary-administration and 2025-10-06-russia-decree-710-silgan-vonorus-temporary-administration, the same mechanism applied to other Western industrials). Decree No. 593 adds item 44 to the Decree 302 schedule: all 314,949 thousand ordinary shares of Chelyabenergoremont JSC belonging to Fortum Holding B.V., transferring control to Rosimushchestvo rather than a private administrator.

Chelyabenergoremont is a Chelyabinsk-region maintenance and repair contractor for steam turbines and boiler-turbine equipment at power plants, operating for over 70 years, with reported 2023 revenue of RUB 2.35bn and profit of RUB 73.67m. Fortum was its sole shareholder, so this decree completes the loss of a smaller downstream service asset following the 2022-23 seizure of Fortum's core Russian generation business (Fortum Russia B.V., since renamed Fora Energy under separate 2023 decrees) and the related seizure of German-linked Unipro.

Downstream implications

• Closes out a residual Fortum-linked Russian asset roughly two years after

the group's main generation subsidiary was seized, indicating Moscow continues to sweep up smaller downstream/service entities tied to already -exited Western utilities rather than this being a new standalone escalation.

• Reinforces the pattern (Air Liquide, Silgan/Vonorus) of Decree 302

amendments extending state control to service and maintenance layers of formerly Western-owned industrial supply chains, not just headline production assets.

• Watch for whether Chelyabenergoremont is later routed to a Russian buyer

under the Decree No. 693 (30 September 2025) fast-track sale mechanism, as with other Decree 302 additions.

Open questions

• Fortum's own disclosure (impairment/deconsolidation) of the

Chelyabenergoremont stake, if any, given its small scale relative to the earlier Fortum Russia / Unipro seizures.

• Whether any other minority Fortum-linked entities remain outside Decree

302 scope.