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What did the Hanhikivi-1 arbitration decide?
On October 10, 2026, Rosatom said it had received a favorable ruling in its long-running dispute with Finnish utility Fennovoima over the cancelled Hanhikivi-1 project. Reuters reported that Rosatom said the tribunal found Fennovoima had unlawfully terminated the construction contract in 2022 and that the project had been making good progress at the time. Reuters reporting syndicated by Euronext Live
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Fennovoima emphasized the financial outcome differently. Reuters reported that the company said the tribunal found it was not entitled to terminate the contract, but was entitled to reimbursement of advance payments and interest exceeding €1 billion. Fennovoima said that after offsets between the parties’ claims, Rosatom subsidiaries were ordered to pay it a net €606 million plus interest.
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The ICC did not immediately respond to Reuters’ request for comment. The complete award was not available for review, so its precise holdings, calculations, interest terms, and procedural consequences cannot be independently established from these public accounts.
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Did Rosatom win its case against Fennovoima?
Rosatom described the ruling as a victory because of the reported finding that Fennovoima’s termination was unlawful. Its Director General, Alexey Likhachev, told Reuters: “Today’s victory is important, but not final. We will continue to prove that we are right regarding the Finnish project in courts of various instances.” That is Rosatom’s characterization; Fennovoima’s account says the net payment after offsets runs in its favor.
It is therefore incomplete to describe the outcome simply as one side winning everything. Rosatom highlighted the reported contract finding, while Fennovoima highlighted reimbursement, interest, and the net sum it says the subsidiaries must pay. Without the award itself, the tribunal’s reasoning and the relationship between these elements cannot be fully assessed.
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How much does Rosatom have to pay Fennovoima?
According to Fennovoima’s account as reported by Reuters, Rosatom subsidiaries must pay it €606 million plus interest after offsets. Fennovoima said its entitlement to advance payments and interest exceeded €1 billion before those offsets. These figures describe Fennovoima’s summary of the ruling, not a calculation independently checked against the award.
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Why was the Hanhikivi-1 project cancelled?
Fennovoima said it terminated the plant-delivery contract with RAOS Project on May 2, 2022, citing significant delays and RAOS Project’s inability to deliver the project. It also said it terminated the nuclear-fuel supply agreement with Rosatom subsidiary TVEL and withdrew its Hanhikivi-1 construction-license application on May 24, 2022. Those are Fennovoima’s stated reasons and actions; they should not be mistaken for the tribunal’s full findings.
What was Hanhikivi-1?
Hanhikivi-1 was a planned 1.2-gigawatt nuclear power plant in northern Finland. Reuters reported a projected cost of €7 billion. The plant-delivery contract was signed in 2013, and the project was cancelled after the contract and related agreements were terminated in 2022.
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Fortum’s 2024 interim report identifies RAOS Project Oy, JSC Rusatom Energy International, and Fennovoima Oy as participants in ICC arbitration proceedings concerning the Hanhikivi engineering, procurement, and construction (EPC) contract. Fortum’s 2024 interim report
What remains unclear about the ruling?
The parties’ public summaries do not provide the tribunal’s complete reasoning or a full breakdown of the claims and offsets. The award text and subsequent enforcement or challenge developments were not established in the available reporting. It would be premature to infer from the announcements alone whether a challenge or enforcement action exists or what procedural steps may follow.
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