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The International Dispute Council denied Finland’s claims to Rosatom KXan 36 Daily News

Date: May 19, 2024 Time: 14:48:57

Recall that in mid-December, the International Dispute Resolution Board recognized as illegal the termination of the contract by Fennovoima Oy for the construction of the Hanhikivi-1 nuclear power plant in Finland. The Council considered the termination as a violation of the terms of the contract, which gives the right to demand compensation for the damage caused.

According to Likhachev, the client terminated the contract, the first wave of litigation has already passed. The international arbitration, which includes representatives only of Western European countries, delivered an unequivocal verdict, “the Finnish side was denied the filing of financial claims,” ​​Izvestia quoted the head of Rosatom as saying.

The termination of the contract was declared illegitimate, recalled Likhachev, who stressed that this was “the main decision that we were waiting for.” The head of Rosatom advised Finland to build a nuclear power plant at his expense, calling the decision to terminate the contract with the Russian side political.

The contract for the construction of the Hanhikivi-1 NPP with Rosatom was signed in December 2013. The Russian corporation was supposed to invest 5 billion euros in the project. At the end of May, Finland’s Fennovoima withdrew its license application to build the Hanhikivi-1 nuclear power plant. Previously, the company announced the termination of the EPC contract for the construction of nuclear power plants with the Finnish company RAOS Project, which is part of Rosatom. Rosatom, for his part, said he intends to seek repayment of the money spent on the Hanhikivi-1 nuclear power plant project.

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Hansen Taylor
Hansen Taylor
Hansen Taylor is a full-time editor for ePrimefeed covering sports and movie news.

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