Mondi to divest its Russian assets

Photo: Mondi

Mondi Plc said on Wednesday it would sell its Russian assets, the latest company to exit the country following Moscow's invasion of Ukraine, according to Reuters.

Mondi said the net asset value of its Russian operations was 687 million euros ($724.9 million) as of Dec. 31 and that it has suspended all significant capital expenditure projects in the country.

"Mondi remains profoundly concerned about the war in Ukraine and is shocked by the humanitarian impact. We express our deepest sympathy to all those affected by the ongoing hostilities, reiterating our call for an urgent cessation and a peaceful resolution", said the company in the first quarter report.