Danfoss has informed the Danish Business Authority that no external or internal rules and procedures have been violated following sanctions against Russia over the annexation of Crimea and Sevastopol.
On 24 May 2022, the Danish Business Authority approached Danfoss A/S and asked for clarification as whether JSC Ridan had supplied heat exchangers to the Russian military for military use following Russia’s illegal annexation of Crimea and Sevastopol.
Danfoss A/S is the parent company of the Danfoss Group. The Russian subsidiary JSC Ridan is 100% owned by ISSAB Holding ApS, Denmark. ISSAB Holding ApS is 100% owned by Danfoss, Denmark. JSC Ridan does not have a board of directors, and the management of JSC Ridan is comprised entirely of local Russian employees. JSC Ridan has been part of the Danfoss Group since 2007.
Danfoss has informed the Danish Business Authority that its own investigations give no reason to believe that external or internal rules and procedures have been violated. Danfoss is therefore awaiting the outcome of the Danish Business Authority's investigation without any concern.
As previously announced, on April 1, 2022, Danfoss decided to initiate a controlled exit from Russia, which also includes a sale or closure of JSC Ridan. Following its exit from Russia, Danfoss will not sell products to Russia. Danfoss has been operating in Russia since 1993. More information:Danfoss Media RelationsTel: +45 70 20 44 88 Related:May 25: Danish Business Authority closes investigation into Danfoss with no further actionsApril 1: Danfoss prepares to exit Russia and BelarusMarch 4: Danfoss Update on the war in UkraineMarch 1: Statement from President & CEO Kim Fausing: Safety firstFebruary 24: Update on the war in Ukraine