Lithuanian construction giant Panevezio Statybos Trestas (PST) is having trouble exiting the Russian market. One of its subsidiaries, Baltlitstroy, is waiting for payment on work it completed on a theater in the coastal resort town of Svetlogorsk worth around RUB 100m (€1.3m), according to the Verslo Zinios business daily. As a result, Baltlitstroy has been unable to pay its subcontractors. The company is also having trouble selling off several land parcels it initially planned to develop.
“We’ve made a decision to pull out of Russia, and we are implementing it. We don’t participate in new tenders, even though we’ve been approached with such proposals. Considering the bills payable, which are related to operations in Russia, we can state that operations in Russia have been unprofitable for us recently,” Dalius Gesevicius, the CEO of PST, told the newspaper.
