Gold prices near 3-week lows as stronger dollar, trade progress weigh
Investing.com -- Russia’s state-owned nuclear energy corporation, Rosatom, has initiated a lawsuit against Finnish companies Fortum (HE:FORTUM) and Outokumpu. The Moscow-based company is seeking 227.8 billion roubles ($2.8 billion) in damages following the termination of a contract for the Hanhikivi-1 nuclear power plant in Finland, according to court documents and a statement from Rosatom.
The corporation is pursuing compensation for losses it claims were incurred due to the "unlawful termination of the EPC contract" for the construction of the nuclear power plant. Rosatom also cites "violations of the shareholder agreement, the fuel supply contract, and the refusal to repay the loan" as reasons for the lawsuit, as stated in the company’s announcement on Monday.
The contract for the construction of the 1.2 gigawatt power plant, which included investments estimated between 6.5 and 7 billion euros, was initially signed in 2013. However, the Finnish parties involved terminated the contract in May 2022, prior to the commencement of construction. The decision to terminate was based on major delays, geopolitical risks associated with Russia’s invasion of Ukraine, and uncertainties about the feasibility of initiating the project.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.