Fortum will file a claim for compensation after the nationalization of the Russian “daughter”

The Finnish energy concern Fortum will file a lawsuit demanding compensation for the value of shares in the Russian subsidiary Fortum, as well as the cost of Russian investments. This was reported press office concern. Fortum shares are valued at several billion euros.

The concern has already filed a notice of dispute with the court. This is the first stage of the arbitration, which is due to begin at the end of 2023. The management of the Finnish company believes that with the help of the lawsuit it will be possible “to protect its legal position and the interests of shareholders in connection with violations by the Russian Federation of its obligations under investment agreements.”

Due to the nationalization of Russian assets, Fortum’s financial statements for the second quarter of this year will show them as discontinued operations.

April 26 President Vladimir Putin signed a decree authorizing the transfer of 98% of Fortum’s shares to the Federal Property Management Agency. At the same time, Fortum management said that no notice of the transfer of shares had been received and that the decree would not affect ownership.

Fortum’s Russian assets include four power plants in the Chelyabinsk region, two in the Tyumen region, one more – the Nyaganskaya GRES in the Khanty-Mansi Autonomous Okrug (one of the largest in Russia), a wind power plant in the Ulyanovsk region and three solar power plants in the Orenburg region and Bashkiria.

Anastasia Larina