Changi Airport Group (CAG) said Wednesday it was assessing the impact of its exposure to sanctions related to Russia, including its assets there.
CAG’s wholly owned subsidiary, Changi Airports International (CAI), has a 30 percent stake in Russian holding company Transport AMD-2 Limited (TAMD2), which wholly owns Sochi International Airport, Krasnodar International Airport and Anapa International Airport as well as an indirect stake in Vladivostok Airport, the airport operator said in a filing to SGX.
After the Singapore government announced sanctions against Russia on 5 March, Russia added the city-state to a list of countries and territories which would require all corporate transactions to be subject to approval by a Russian government commission, the filing said.
“This would include any transactions that CAI might become a party to in relation to its Russian investments,” the filing said.
“CAG and its subsidiaries (the group) will comply with legal and regulatory obligations – including sanctions – applicable to them. The evolving Russia-Ukraine conflict and the global response to the same will potentially impact the underlying operations of the abovementioned Russian airports and their value,” CAG said.
The Russia exposure is not expected to have an adverse impact on CAG’s ability to meet its financial obligations, the filing said.