Norway will block Rolls-Royce from selling the maritime engine maker Bergen Engines to a Russian company, according to Reuters. The blocking of the 150 million euros sale to TMH Group follows an assessment of national security implications.
The blocking of the sale of Bergen Engines is a blow to Rolls-Royce, which aims to raise 2 billion pounds or $2.76 billion from disposals by 2022 to survive the pandemic.
Relations between Norway and Russia gradually improved in the post-Cold War era but suffered a setback when Moscow annexed Crimea in 2014.
Rolls-Royce plans to ask Norway to find another option for Bergen, with more than 900 jobs at the engine maker at risk.
The Russian embassy in Oslo termed Norway’s decision to suspend the sale a show of anti-Russian sentiment and was of serious concern. Rolls-Royce stock is currently declining. RR: LON is down 4.02%
