https://sputnikglobe.com/20220301/finnair-nokian-tyres-plunge-amid-anti-russia-sanctions-over-ukraine-special-op-1093471059.html
Finnair, Nokian Tyres Plunge Amid Anti-Russia Sanctions Over Ukraine Special Op
Finnair, Nokian Tyres Plunge Amid Anti-Russia Sanctions Over Ukraine Special Op
Sputnik International
Barely a day after the EU banned all Russian planes from its airspace, Moscow responded in kind, barring carriers all 27 EU members, which plunged Finland's... 01.03.2022, Sputnik International
2022-03-01T08:04+0000
2022-03-01T08:04+0000
2022-03-01T08:04+0000
russia's special operation in ukraine
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National Finnish carrier Finnair, which recently claimed it was recovering from the pandemic slump, has suffered another setback, as Moscow reciprocated to the EU's airspace ban introduced as a reaction to Russia's special operation to demilitarise and de-Nazify Ukraine.Barely a day after the EU banned all Russian planes from its airspace, Moscow responded in kind, barring carriers from 36 countries, including all 27 EU members.The flag carrier's share price fell by more than one fifth (20.3 percent) on Monday alone, as Moscow's decision forced Finnair's lucrative Asian routes to make long, costly detours.However, Nokian Tyres, which makes 80 percent of its tyres in Russia, became the biggest loser of the day on the Helsinki Stock Exchange, as its stock price fell by 21.1 percent and the company announced it was shifting some product lines away from Russia.One of the oldest airlines continuously in operation, Vantaa-headquartered and majority state-owned Finnair is Finland's flag carrier dominating the local market. Before the pandemic, it had some 120 routes and employed some 6,000 people. With no fatal losses in decades, it is regarded as one of the world's safest.Headquartered in Nokia, Nokian Tyres produces tyres for cars, trucks, buses, and heavy-duty equipment. Known for its winter tyres, Nokian is the only tyre manufacturer with its own permanent winter tyre-testing facility in the world.After months of escalation and weeks of continuous attacks by Ukrainian forces in the Donbass conflict zone, the Russian army and the militia forces from the Donbass Republics launched a military operation on 24 February to demilitarise and 'de-Nazify' Ukraine. The US and its Western allies retaliated by imposing a batch of sanctions on Russia and offering Kiev hundreds of millions of dollars in armaments.Earlier, EU countries initiated a slew of sanctions against Moscow in connection with the Russian operation in Ukraine. Among others, the EU has banned Russian aircraft from landing, taking off, or flying over its EU, as well as deliveries of civil aircraft and spare parts to Russia. The bloc has also banned operations related to the management of reserves and assets of the Central Bank of Russia.
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Finnair, Nokian Tyres Plunge Amid Anti-Russia Sanctions Over Ukraine Special Op
Barely a day after the EU banned all Russian planes from its airspace, Moscow responded in kind, barring carriers all 27 EU members, which plunged Finland's flag carrier.
National Finnish carrier Finnair, which recently claimed it was recovering from the pandemic slump, has suffered another setback, as Moscow reciprocated to the EU's airspace ban introduced as a reaction to Russia's special operation to demilitarise and de-Nazify Ukraine.
Barely a day after the EU banned all Russian planes from its airspace, Moscow responded in kind, barring carriers from 36 countries, including all 27 EU members.
The flag carrier's share price fell by more than one fifth (20.3 percent) on Monday alone, as Moscow's decision forced Finnair's lucrative Asian routes to make long, costly detours.
However, Nokian Tyres, which makes 80 percent of its tyres in Russia, became the biggest loser of the day on the Helsinki Stock Exchange, as its stock price fell by 21.1 percent and the company announced it was shifting some product lines away from Russia.
One of the oldest airlines continuously in operation, Vantaa-headquartered and majority state-owned Finnair is Finland's flag carrier dominating the local market. Before the pandemic, it had some 120 routes and employed some 6,000 people. With no fatal losses in decades, it is regarded as one of the world's safest.
Headquartered in Nokia, Nokian Tyres produces tyres for cars, trucks, buses, and heavy-duty equipment. Known for its winter tyres, Nokian is the only tyre manufacturer with its own permanent winter tyre-testing facility in the world.
After months of escalation and weeks of continuous attacks by Ukrainian forces in the Donbass conflict zone, the Russian army and the militia forces from the Donbass Republics launched a military operation on 24 February to demilitarise and 'de-Nazify' Ukraine. The US and its Western allies retaliated by imposing a batch of sanctions on Russia and offering Kiev hundreds of millions of dollars in armaments.
Earlier, EU countries initiated a slew of sanctions against Moscow in connection with the Russian operation in Ukraine. Among others, the EU has banned Russian aircraft from landing, taking off, or flying over its EU, as well as deliveries of civil aircraft and spare parts to Russia. The bloc has also banned operations related to the management of reserves and assets of the Central Bank of Russia.
