ICC Arbitral Tribunal Rules Finland's Contract Termination Unlawful: Rosatom Wins in Hanhikivi-1 Nuclear Dispute
Rosatom publicly stated on Saturday that the International Chamber of Commerce (ICC) arbitral tribunal has issued a ruling in its long-running dispute with Finland's Fennovoima over the cancelled Hanhikivi-1 nuclear power plant project, ruling in Russia's favor. Rosatom pointed out that the tribunal found Fennovoima's unilateral termination in 2022 of the contract to build the nuclear power plant in northern Finland to be an unlawful breach, and determined that the nuclear project had been progressing well before it was halted. Since May 2022, shortly after the outbreak of the Russia-Ukraine conflict, Fennovoima unilaterally halted the 7 billion euro (approximately 7.8 billion US dollars) nuclear power project, citing significant construction delays and geopolitical risks, and the two sides have since been mired in a battle of high-value claims and cross-border legal proceedings.
2026-10-11
