Rosatom Sues Fortum, Outokumpu for $2.8 Billion Over Hanhikivi-1 Contract

Russia's state nuclear energy firm Rosatom has filed a lawsuit in Moscow against Finnish companies Fortum and Outokumpu seeking 227.8 billion roubles ($2.8 billion) in damages over the termination of the Hanhikivi-1 nuclear power plant contract. Rosatom alleges the Finnish partners unlawfully ended the engineering, procurement, and construction contract and violated shareholder and fuel supply agreements. The contract, originally signed in 2013 and valued at 6.5-7 billion euros, was canceled by Finland in 2022 citing delays and geopolitical risks from the Ukraine conflict. Finnish firms have denied proper notification of the lawsuit and dispute Moscow as the appropriate venue for resolving the matter. Meanwhile, the consortium Fennovoima, including Fortum and Outokumpu, has halted project operations and initiated international arbitration, with Rosatom filing counterclaims. Separately, Rosatom is engaging with India to introduce advanced small modular reactor technology, aligning with India's energy transition goals.