Vestas has acknowledged the formal dissolution of subsidiaries in Russia and leaving ”stranded activities” within the warring nation, reports Danish media Børsen citing Vestas’ full-year financial report published on Feb. 8.

As part of the exit plans, the company laid off all remaining staff in Russia effective from Jan. 31, 2023.

Russian assets include production equipment, stockpiles as well as a plant for manufacturing rotor blades.

Due to the situation in Russia, Vestas has been unable to conduct an orderly liquidation of either its subsidiary or activities.

”On 31 January 2023 Vestas therefore exited Russia by putting a full stop to all remaining corporate activities in Russia without delay, including terminating remaining employees and leaving stranded assets including cash idle.”

Prior to the war in Ukraine, Vestas had more than 500 employees in Russia. The Russian exit is estimated to result in a loss worth DKK billions for the Danish turbine maker.