Media: Financial troubles hit Rosatom’s Akkuyu Nuclear Plant project in Türkiye

Rosatom, the contractor responsible for building the Akkuyu Nuclear Power Plant in Türkiye — where the first reactor is scheduled to be commissioned by the end of this year — is reportedly facing financial difficulties.

According to Yeni Şafak, the company has yet to receive around $7 billion that was originally allocated for the project. Due to these delays, the project has encountered a funding shortfall, and the average workforce has dropped from 35,000 to 12,000 people. It is reported that 10,000 out of 14,000 Russian workers have returned home due to unpaid wages.

There are also claims that a significant number of construction workers have been placed on unpaid leave. Available data suggests that Rosatom is now channelling all its resources toward completing the first power unit. It is believed that revenue generated from commissioning the first unit could help accelerate the construction of the remaining three units.

Reportedly, Rosatom has requested certain tax exemptions and financial incentives from Türkiye, but Ankara has yet to meet these demands. The company is also said to be negotiating the sale of its 49% stake in the Akkuyu NPP in order to overcome its financial difficulties.

In February of last year, the U.S. Department of Justice froze $2 billion in Russian funds held in JPMorgan bank, which were intended for the construction of the Akkuyu Nuclear Power Plant, Turkey’s first nuclear power station. Justice Department officials claimed that these funds were used to circumvent sanctions and for purposes beyond the Akkuyu project. It was alleged that the dollars were transferred through the Akkuyu fund to Russian companies holding accounts at Ziraat Bank.

By Vugar Khalilov