Putin's Decree Shifts Stakes at St Petersburg's Pulkovo Airport

Russian President Vladimir Putin has authorized the transfer of Fraport's 25% stake in Pulkovo Airport to an undisclosed party. This follows the Kremlin's pattern of seizing Western assets since the Ukraine invasion, with Fraport having previously halted investments in response to the ongoing conflict.

Russian President Vladimir Putin has greenlit the transfer of 25% of Pulkovo Airport, previously owned by German operator Fraport, to an unknown entity. Details of the decree were published on Friday.

As global tensions persist following the Ukraine invasion, a Fraport spokesperson described the authorization as a crucial but initial phase. They emphasized that the success of this transaction hinges on meeting specific conditions, which remain undisclosed.

In December 2023, Putin placed Pulkovo under the control of a Russian-held company, removing influence from international investors. Fraport has since halted their investments and is working to recuperate its assets.

(With inputs from agencies.)