Voi e-scooters could be axed in Bristol and Bath amid Russia links

The mayor of the West of England has warned the founder of Swedish e-scooter firm Voi it could be axed from the region if it does not sever its links to Russia.

The e-scooter company has been operating in Bristol and Bath for the past 18 months under a trial scheme.

But two Russian businessmen own a 4% stake in the Swedish company, prompting a warning from West of England Mayor Dan Norris that “other providers are available” if it does not sever ties.

Mr Norris held a press conference with Voi chief executive Fredrik Hjelm after it emerged the shareholders have connections to Russian President Vladimir Putin’s regime.

Bristol is Voi's biggest UK market, with four million trips taken so far by 250,000 people.

During the press conference Mr Norris warned Voi’s continued presence is far from guaranteed.

He said the two men’s continued involvement with Voi would “affect his thinking” about the future of the e-scooters.

"I am not happy about these people being shareholders of Voi, and Voi’s links with the West of England," he said.

"I am certainly not happy that there is that connection, and I want to see that severed.

“I will judge the trial objectively, independently and fairly from the politics of it, but if it is not resolved by the end of the trial when I come to make my decisions, that will be very significant to me and will affect my thinking.”

Asked what the possible consequences might be for Voi, Mr Norris replied: “The ultimate sanction is that other e-scooter providers are available but I want them to make sure their actions match their words.”

He added: “It is a long time before the trial ends and I am hoping this will be resolved sooner rather than later so that it doesn’t even have to be part of my thinking.”

Russia’s sovereign wealth fund became a “cornerstone” investor in Alexander Eliseev’s shipping and haulage firm Globaltruck, while oligarch Gabriel Yushevaev has reportedly come under scrutiny from the US treasury over his links to Mr Putin.

The mayor is due to make a decision about whether Voi scooters will become a permanent fixture by the end of November this year.

Speaking on Monday, Mr Hjelm said the two men had transferred their voting rights to him but said it might be some time before they are prepared to sell their stake.

Both had planned to retain their shares for 10 years, he said, and markets have fallen over the past six months meaning it is hard to find a buyer at a price they would be willing to accept.

"Now we are exploring how we can sort the situation out while still respecting Swedish law and shareholder rights and things like that," Mr Hjelm told the press conference.

"Corporate law in Sweden is quite similar to the UK. You can’t just take shares from an investor because they own the shares, so then you need to agree upon a price."

Currently neither Mr Eliseev or Mr Yushevaev is on any sanctions list, Mr Hjelm said.

He added: "With what has happened with capital markets over the last six months, it is complicated to find a price now where a private investor finds a price that the buyer wants to buy at, but we are working on doing the best we possibly can."

Mr Hjelm said that both men had publicly avowed their commitment to free speech and human rights, and had donated "significant" sums to charities promoting these values.

But he said it was hard for them to openly criticise Mr Putin’s invasion of Ukraine as it could pose a security risk to their relatives in Russia.