Packaging and paper manufacturer Mondi Group has announced the sale of its last remaining plant in Russia, Mondi Syktyvkar, to Sezar Invest LLC for 80 billion rubles (775 million euros). This decision comes amid controversy as Mondi Group faced accusations of indirectly sponsoring the war due to its continued business operations in Russia following the country's full-scale invasion of Ukraine. The deal has received approval from the Russian Federation’s Federal Anti-Monopoly Service and Government Sub-Commission for the Control of Foreign Investments.
“The total cash consideration of RUB 80 billion will be paid to Mondi in RUB and in six monthly instalments. The first four monthly payments will be for RUB 13.5 billion each, with the first payment made by the end of September 2023. Once the first four monthly instalments have been paid to Mondi, expected to be by the end of December 2023, the Disposal will complete and ownership of Mondi Syktyvkar will transfer to Sezar Invest and, accordingly, Mondi will have completed its exit from Russia. The final RUB 26 billion will be paid in two equal instalments in each of the two months post completion. These payments will be secured by a letter of credit issued to Mondi prior to completion,” the statement reads.
This move is significant as Mondi Group was previously included in the list of international sponsors of the war by Ukraine's National Agency on Corruption Prevention (NACP) due to its continuous presence in Russia following the war's escalation.
