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News Kazakh government claims that Knauf Group will relocate Russian business to Kazakhstan

Kazakh government claims that Knauf Group will relocate Russian business to Kazakhstan

Written by Global Insulation staff
03 April 2023
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Kazakhstan/Russia: The government of Kazakhstan says that it now expects Germany-based Knauf Group to relocate its Russian business to Kazakhstan. It says that this is due to the on-going Russian invasion of Ukraine, which initially led Knauf to freeze investments in the sanctioned state and suspend its trade between it and the EU from March 2022.

Deutsche Welle News has reported that Knauf Group ‘did not confirm’ the Kazakh government’s contention. In defending its decision to so far remain in Russia, Knauf Group’s chair Alexander Knauf said “It’s not about money for us, it’s about 4000 employees. Loyalty to these people means to me that I won’t send them off into an uncertain future.” Russia reportedly contributed 10% of the group's turnover in 2022.

Last modified on 03 April 2023
Published in Global Insulation News
Tagged under
  • Kazakhstan
  • Russia
  • Knauf Insulation
  • Ukraine
  • war
  • sanctions
  • Jobs
  • staff
  • EU
  • trade
  • import
  • government
  • Plant
  • market

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