Putin Approves Transfer of Fraport’s 25% Stake in Pulkovo Airport

Russian President Vladimir Putin has approved the transfer of Fraport’s 25% stake in St. Petersburg’s Pulkovo Airport to an unnamed party, according to a decree published on Friday. The move follows recent actions by Russia to assume control over Western-held assets in response to sanctions and deteriorating relations since the 2022 invasion of Ukraine.

A Fraport spokesperson called the authorization an “important, intermediate step” but emphasized that additional approvals are necessary before the sale can be finalized. Specific terms and the identity of the potential buyer remain confidential as agreed upon by the parties involved.

Fraport, the German airport operator, suspended all investment and operational activities at Pulkovo Airport shortly after the Ukraine conflict began. In June 2022, the company fully wrote off its receivables linked to the investment but has continued efforts to recover its stake’s value through a potential sale.

Since December 2023, Pulkovo Airport has been under the temporary management of a newly established Russian holding company, following a Kremlin directive that removed operational control from international investors, including stakeholders from Germany, Qatar, and other Gulf countries.

This development mirrors Russia’s recent actions involving other foreign-owned assets, such as Danish brewer Carlsberg and French food giant Danone, where Russian management teams were installed. For Fraport, the sale authorization is a cautious step forward in its attempts to exit the Russian market amid ongoing geopolitical tensions.

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