After Russia’s invasion of Ukraine in 2022, Konecranes said it would stop taking new orders from Russia. They also stated their clear intention to wind down their business in the country.
Konecranes has now started to deliver its final crane order to Russia. The order – cranes for a Waste-to-Energy recycling site outside Moscow – was placed in 2019 by a European company and subsequently delayed by Russia’s invasion of Ukraine. Once this order has been delivered, Konecranes will have no further outstanding orders to Russia.
Konecranes wrote off the order in 2022, and this is the only write-off the company will deliver to Russia. They took the decision to start deliveries as breaching the contract would have exposed the company to possible significant financial risk that could damage their business for both the short and long term. The delivery does not infringe on European Union sanctions against Russia.
Konecranes’ plans to exit Russia continue. The total number of employees in the country before the war was around 200, mainly working in sales and service. By the end of Q4 2022 the headcount was less than 10 following actions including, for example, the divestment of the service business to local management.
