Rosatom seeks $3 billion for cancelled Finnish nuclear power plant

Russia’s Rosatom has started various legal proceedings seeking $3 billion in damages from Finland’s Fennovoima consortium for cancelling a planned nuclear power plant in Finland.

Russia’s Rosatom and its Finnish partner Fennovoima have filed claims for billions of dollars in damages from each other over Fennovoima’s decision to cancel a planned nuclear power plant in Finland, Reuters reported on August 23.

The Fennovoima consortium, in which Russia’s state-owned Rosatom has a 34% minority holding, in May terminated a contract for Rosatom to build a nuclear power plant in the cape of Hanhikivi in northwest Finland, citing delays and then increased risks resulting from the war in Ukraine.

“To date, six lawsuits have been filed by the state corporation for a total of $3 billion,” Rosatom said on its Telegram account late on August 22, adding that specifics of the proceedings were confidential.

Fennovoima said it had initiated several proceedings against various Rosatom entities, with claims reaching almost 2 billion euros, “to claim compensation for damages arising out of the delays and inability to deliver the project”.

“There are indications that Rosatom entities will have counterclaims against Fennovoima. So far, no arbitration proceedings have been initiated against Fennovoima as a consequence of the termination...,” the consortium said in a statement on August 20.