Finland’s Fortum Seeks Compensation for Seized Russian Assets

Finnish state energy company Fortum said Tuesday it had launched legal proceedings to claim compensation from Moscow over the seizure of its Russia-based assets.
In April, the Kremlin took control of the Russian divisions of Fortum and Germany’s Uniper in retaliation to the seizure of Russian assets in Western countries. Together, the two companies own more than 10 thermal power plants across Russia.
Fortum announced a loss of 1.7 billion euros ($1.84 billion) the month after the asset seizure.
“Fortum will seek compensation for the value of its shares in PAO Fortum and its investments in Russia,” the company said in a statement, estimating the amount being sought at “several billions of euros.” 
The energy firm said it took the first step of the arbitration proceeding in July when it sent notices of dispute to Russia. 
“The Russian Federation, however, failed to engage in any settlement discussions with Fortum,” it added.
Fortum had tried to sell the confiscated assets after Russia invaded Ukraine two years ago. Since then, the Kremlin has tightened exit rules.
Moscow has denied that Putin’s decree allowing Fortum’s and Uniper’s temporary administration amounted to expropriation.
Hundreds of Western companies have either fully exited or scaled back operations in Russia since the invasion of Ukraine.
As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a “foreign agent” by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.
We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just 2. It’s quick to set up, and you can be confident that you’re making a significant impact every month by supporting open, independent journalism. Thank you.