Rockwool lost control over assets in Russia: the company wrote off 469 million dollars.

According to ТСН: The Danish company specializing in the production of building materials, Rockwool, announced the loss of control over its assets in Russia.

In an official statement, Rockwool stated that Russian enterprises would be excluded from the company's consolidated financial reporting, and their net worth would be written off.

The company's representatives noted that as of December 31, the total net worth of these assets was 469 million dollars.

Legal actions and pessimism

Rockwool also plans to defend its rights in court, citing a bilateral investment treaty between the countries. However, the company acknowledges that the likelihood of regaining control over the assets seems unlikely.

“We do not have optimism about overturning the decision to transfer our Russian subsidiaries to forced external management,” Rockwool stated.

After Bloomberg reported the seizure of two subsidiaries, Rockwool's shares lost about 8% of their value.

Additionally, the United Kingdom stated that it has no intention of using frozen Russian assets to assist Ukraine without consulting with partners in the G7 and the European Union.

Moreover, a group of Republican senators appealed to the U.S. president to seize Russian assets in the U.S. and direct them to support Ukraine.