FORTUM HAS SENT NOTICES OF DISPUTE TO THE RUSSIAN FEDERATION DUE
Fortum corp Russia
The predecessor of Fortum was Imatran Voima (IVO), which was founded in 1932 to operate the hydroelectric power plant in . The construction of the Imatra power plant began already in 1922 as well as the power lines from Imatra to Helsinki and the power plant was opened in May 1929. made a decision to establish Imatran Voima Osakeyhtiö (IVO) in May 1932. [pdf]FAQS about Fortum corp Russia
Why did Fortum lose control of its assets in Russia?
In April 2023, the Russian authorities seized control of Fortum’s assets in Russia and deprived Fortum of its shareholder rights, based on a Presidential decree. The de facto loss of control of the Russian operations triggered a full financial deconsolidation and impairment of those assets, as reported in Fortum’s second quarter 2023 results.
Is Fortum preparing a controlled exit from the Russian market?
Since deciding to exit the Russian market completely in May 2022, Fortum has been preparing a controlled exit from this market, with the divestment of the Russian assets (formerly PAO Fortum) as the preferred path. Any sale of these assets require Presidential approval in Russia.
Is Fortum a good investment in Russia?
Rauramo did not give further details about that, but said Fortum had been in advanced talks with a potential buyer for the asset portfolio, which he described as "well-invested, profitable, efficient and the best that exists in Russia".
Is Fortum going out of business in Russia?
Fortum previously had a presence in Russia for more than 60 years. In recent years it actively focused on developing on-shore wind and solar power production. While the exit from the Russian market has been irrevocably decided in 2022, the current situation in Russia means that a final divestment and related actions are yet to be concluded.
Will Fortum get compensation for a Russian investment seizure?
Fortum has started legal proceedings to seek compensation for the seizure on the basis of international investment protection agreements which Russia has signed, Rauramo said, adding the arbitration would begin next year. "We aim to get the value of our possessions back and we believe that we will get some compensation," he said.
Does Fortum have a dispute with Russia?
Fortum sent notices of dispute to the Russian Federation in July 2023, which are the first step required for arbitration proceedings. Fortum previously had a presence in Russia for more than 60 years. In recent years it actively focused on developing on-shore wind and solar power production.
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