Airport operator Fraport halts business in St Petersburg
Airport operator Fraport, which runs Frankfurt Airport (FRA), is halting its business in St Petersburg after Russia’s invasion of Ukraine.
“There is no justification for the attack on Ukraine by Russian forces,” stated Fraport chief executive Stefan Schulte in a press release on March 4, 2022. “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.”
Fraport owns a 25% stake in Northern Capital Gateway, which operates Pulkovo Airport (LED) in St. Petersburg.
The German company said it has no staff on site and is not involved in any business activity in Pulkovo, meaning it is not transferring any advice or know-how to Russia. The 25% minority stake is held as an asset only, Fraport emphasized.
Fraport said the contract it has with Pulkovo means it cannot sell the stake, but it is doing everything possible to retrieve the asset.
“Fraport is now evaluating to what extent international economic sanctions against Russia could affect its minority holding, as well as the conclusions that can be drawn for taking further action,” the company added.
The Russian aviation industry is becoming increasingly isolated. Manufacturers and suppliers including Boeing, Airbus, Embraer, GE and Lufthansa Technik have said they are ending support for Russian carriers. Meanwhile, many countries have closed their airspace to Russian carriers and aircraft owned by Russians, and a raft of international airlines are no longer flying over the country, depriving it of overflight fees.
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