The acquisition of DB Schenker by Danish logistics firm Dsv, finalised on 30 April 2025, has triggered a storm centred on transport operations in Russia. The issue is particularly sensitive, as Dsv, which had previously halted all business activities in Russia following the invasion of Ukraine, is now responsible for managing DB Schenker’s contracts involving the use of Russian railways for freight transport. Until now, the two companies had taken opposing stances on operations in Russia in the wake of the invasion and ensuing sanctions.
In 2022, Dsv decided to fully close and dismantle its operations in both Russia and Belarus. The Danish company had adopted a clear policy: no transport to, from or through Russia, with exceptions only for medicines, pharmaceuticals or humanitarian aid. Dsv’s CEO, Jens Lund, had previously stated that using Russian railways was incompatible with being a company “with Danish roots”. DB Schenker, on the other hand, although it sold its Russian business at the end of 2022, continued to use Russian railways to transport goods between Europe and Asia. In the first half of 2024, the German firm moved more than 11,000 containers across Russia via the local railway network.
Even before the acquisition of DB Schenker, Dsv had come under scrutiny for alleged violations of its own internal policies. In September 2024, it was revealed that the company had, in some cases, handled car shipments from China to Russia, and that a subcontractor had transported clothing from Asia to Europe through Russia, in direct breach of the company’s guidelines. Dsv described these incidents as “completely unacceptable” and launched an internal investigation.
The controversy erupted when, during a press conference on 1 May 2025, CEO Jens Lund stated that Dsv would continue to fulfil Schenker’s existing orders using the Russian railway network. Lund explained that the Danish firm is contractually bound to complete shipments already agreed by Schenker with its customers. Even more controversial was Lund’s openness to potentially revising Dsv’s policy on using Russian railways, although he noted that “for now it remains unchanged”. This statement was surprising given Dsv’s previous stance and the current geopolitical climate.
Lund’s comments drew immediate criticism from the company’s own investors and analysts. Lars Hytting, investment strategist at asset management firm Arthascope, said: “Fundamentally, I do not believe Dsv should have anything to do with Russia or Putin’s war in Ukraine.” Prior to the acquisition, several Nordic investors had already raised concerns about DB Schenker’s Russian activities, expecting Dsv to completely halt rail shipments through Russia once the deal was completed. Akademikerpension, a major institutional investor in Dsv, has requested clarification on the company’s position regarding operations in Russia. Nordea, one of the banks financing Dsv’s acquisition of DB Schenker, also finds itself in a delicate position. While some investors have reduced or excluded their holdings in Dsv due to concerns over Russia, Nordea has stated it is engaged in a “constructive dialogue” with Dsv regarding its Russian operations, stressing that financing and investing are two distinct matters.
In short, the legacy of DB Schenker’s Russian business is turning into both a financial and reputational issue for Dsv, which, following the acquisition, has become the world’s largest logistics multinational by revenue. The use of Russian railways is ethically problematic, as it contributes to the Russian economy through taxes and fees, indirectly supporting the Russian government during a time of international conflict.
