Frigoglass - comment

The 6th sanction package passed by the EU is causing trouble at the Lithuanian border where Russian Steel is no longer allowed to pass from Kaliningrad to mainland Russia. Russia are talking of a blockade and are almost certain to retaliate. Perhaps drawing conclusions for Frigoglass is far-fetched, but given how 100% Frigoglass’ European ICM business is on the Russian supply chain, even a small increase in the risk of Russia stopping export of Coca-Cola-themed / destined fridges is a significant development in our view.