Arya News - Russian state nuclear corporation Rosatom will pursue legal proceedings with Finland to their conclusion, after Finland terminated the contract for the construction of a nuclear power plant with Russia, through to the end, Rosatom CEO Alexey Likhachev said on Saturday.
Earlier in the day, Rosatom said that the International Court of Arbitration at the International Chamber of Commerce (ICC) recognized as unlawful the Finnish side"s unilateral termination in 2022 of the contract with Rosatom for the construction of the Hanhikivi-1 nuclear power plant. "We will go through this legal chain to the end," Likhachev told journalists. The contract for the construction of the Hanhikivi-1 nuclear power plant in northern Finland was signed by the Finnish company Fennovoima and Rosatom in 2013 and envisaged the construction of one power unit with a capacity of 1,200 MW using the latest Generation 3+ design. The investment volume in the project was estimated at approximately $8 billion, and the localization volume for companies from Finland and other EU countries was to amount to 2 to 3 billion dollars. The station was to cover 10% of Finland"s total electricity needs. However, in May 2022, Fennovoima terminated the contract, citing alleged violations of project deadlines by Rosatom, as well as the worsening political situation. In December 2022, the Dispute Review Board (DRB) denied Finland the right to present financial claims against Rosatom in the situation with the Hanhikivi-1 nuclear power plant.
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MOSCOW (Sputnik) - Russian state nuclear corporation Rosatom will pursue legal proceedings with Finland to their conclusion, after Finland terminated the contract for the construction of a nuclear power plant with Russia, through to the end, Rosatom CEO Alexey Likhachev said on Saturday.
Earlier in the day, Rosatom said that the International Court of Arbitration at the International Chamber of Commerce (ICC) recognized as unlawful the Finnish side"s unilateral termination in 2022 of the contract with Rosatom for the construction of the Hanhikivi-1 nuclear power plant.
"We will go through this legal chain to the end," Likhachev told journalists.
The contract for the construction of the Hanhikivi-1 nuclear power plant in northern Finland was signed by the Finnish company Fennovoima and Rosatom in 2013 and envisaged the construction of one power unit with a capacity of 1,200 MW using the latest Generation 3+ design.
The investment volume in the project was estimated at approximately $8 billion, and the localization volume for companies from Finland and other EU countries was to amount to 2 to 3 billion dollars. The station was to cover 10% of Finland"s total electricity needs. However, in May 2022, Fennovoima terminated the contract, citing alleged violations of project deadlines by Rosatom, as well as the worsening political situation.
In December 2022, the Dispute Review Board (DRB) denied Finland the right to present financial claims against Rosatom in the situation with the Hanhikivi-1 nuclear power plant.
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