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9 Dez 2022

Stop Business with Russia

Stop Business with Russia (SBWR)'s rejoinder to Rockwool response

In your statement you confirmed that your Russian factories operate independently of your head office, hence you have no control over your “unique technology”. Your operations are already de facto nationalized.

Not selling your assets will not prevent the Russian terrorist state from nationalizing them at its own will as Russian economy is now on a war footing.

Electric melting you switched to at Vyborg plant is not a unique technology and is widely applied across different sectors...

Your profits and cash flows are already fully retained in Russia due to post war Russian capital controls. Specifically, a Presidential Decree No.254 imposed a requirement that dividends paid by companies owned by shareholders from the states which imposed sanctions on Russia are paid to Type C accounts in Russian banks. As a general rule, funds on Type C accounts can be used to only pay taxes in Russia or purchase Russian government bonds.

By selling Rockwool’s Russian business you will likely obtain funds in the amount commensurate with a fair value of the Russian business on your balance sheet.