Rosatom has achieved a new decision in its dispute with the Finnish company Fennovoima regarding the Hanhikivi-1 nuclear power plant project. The International Chamber of Commerce (ICC) arbitration recognized the unilateral termination of the contract for the construction of the plant as illegal. This was announced on October 10, 2026, by Rosatom CEO Alexey Likhachev. He emphasized that the proceedings are not yet complete, and the final amounts of claims will be determined based on further procedures.
The Hanhikivi-1 project envisioned the construction of one power unit with a VVER-1200 Generation III+ reactor in Finland. The agreement for the supply of the plant was concluded in 2013. The project was at the design and permitting stage; full-scale construction never began.
In May 2022, Fennovoima terminated the contract with the Russian company RAOS Project. The Finnish side explained the decision by significant delays and the supplier's inability to implement the project, as well as increased risks amid military conflicts. Later, Fennovoima withdrew its application for a construction permit for the NPP.
This is not the first dispute surrounding the contract termination. In December 2022, the Dispute Resolution Board (DRB) also recognized the termination of the contract and Fennovoima's refusal to accept completed work as unlawful. However, that decision was not final and binding: both parties declared their disagreement with the board's conclusions.
Separately, Russian entities of Rosatom filed a lawsuit against Finnish companies Fortum and Outokumpu for over 227.79 billion rubles. The proceedings are taking place in a Russian arbitration court and are related to several claims, including the termination of the contract for the construction of the plant, violation of the shareholder agreement and the nuclear fuel supply contract, as well as non-repayment of a loan. This amount relates to a separate court case and is not an awarded compensation under the new ICC decision.
According to Likhachev, the proceedings surrounding Hanhikivi-1 will continue. The final financial claims of the parties will be known after the completion of all procedures.