The Finnish company demands from the Russian Federation several billion euros in compensation for seized assets
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The Finnish energy company Fortum Oyj filed a lawsuit against Russia demanding compensation of several billion euros for the illegal seizure of its assets.
This is reported by the Bloomberg agency.
Fortum accuses the Russian authorities of “violation of obligations under the investment agreement” and has initiated arbitration proceedings. In a statement released on Tuesday, the company said it is demanding “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 dispute to Russia back in July as a necessary first step in the legal process, but the authorities of the aggressor country have not started a dialogue with the company.
In May 2023, Fortum said it would write down the residual value of its Russian unit, which was seized by the Kremlin in response to an asset freeze by European countries. For the second quarter of 2023, the company posted a loss of €1.7 billion (US$1.8 billion).
Fortum Oyj is a Finnish energy company engaged in the production, distribution and sale of electricity and heat.
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