Finnish energy giant demands several billion euros in compensation from russia for seized assets

Fortum accuses the russian authorities of "breaching its obligations under the investment agreement" and has initiated arbitration proceedings. In its statement, the company said it is seeking "several billion euros" in compensation from russia for the value of its shares in PJSC Fortum and other investments in the country.

Fortum sent a notice of the dispute to russia back in July as the first necessary step in the legal process, but the authorities of the aggressor country have not started a dialogue with the company.

In May 2023, Fortum announced that it would write off the residual value of its russian unit, which the Kremlin seized in response to the freezing of assets by European countries. For the second quarter of 2023, the company recorded a loss of 1.7 billion euros (1.8 billion US dollars).

Source: Bloomberg