Rosatom Says it Wins Tribunal Ruling in Finnish Nuclear Plant Dispute
Rosatom said the International Chamber of Commerce agreed that a Finnish firm wrongly terminated the contract for a new nuclear power plant.
On Saturday, Russia's state nuclear corporation Rosatom announced that an International Chamber of Commerce tribunal had ruled in its favor in a dispute with Finnish utility Fennovoima regarding the cancelled Hanhikivi-1 nuclear power project. The tribunal found that Fennovoima unlawfully terminated the contract for the construction of the planned plant in northern Finland in 2022.
The dispute began shortly after Russia launched its conflict in Ukraine in May 2022, when Fennovoima cited significant delays and political risks to cancel the 7 billion euro ($7.8 billion) project. Rosatom's Director General, Alexey Likhachev, stated that the project was making good progress when it was terminated. However, this victory is not final, as Rosatom plans to continue proving its case in various courts.
Fennovoima did not immediately respond to a request for comment. The Hanhikivi-1 plant, with a capacity of 1.2 gigawatts, was originally signed in 2013 between Fennovoima and Rosatom, with the latter holding a one-third stake. After the project's cancellation, Fennovoima ceased operations and is currently embroiled in legal proceedings.
The Moscow Times, a Russian news outlet, is facing challenges due to actions taken by Russian authorities, including being labeled as an "undesirable" organization and criminalized for its work. The journalists at The Moscow Times refuse to be silenced and are seeking support from readers to continue their independent journalism.
Written by urgent.news from The Moscow Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
