Rosatom Wins ICC Tribunal Decision Over Finland's Cancelled Hanhikivi Nuclear Project

A tribunal of the International Chamber of Commerce concluded that Finnish utility Fennovoima illegally terminated its 2013 contract with Russia's state nuclear corporation Rosatom for the Hanhikivi-1 nuclear power plant in northern Finland. The decision noted that the project, valued at €7 billion, was making satisfactory progress when the termination occurred in 2022, a move prompted by delays and heightened political risk after Russia's invasion of Ukraine.

Rosatom hailed the ruling as an important step, emphasizing that further legal challenges will be pursued. Fennovoima, which had wound down its operations after scrapping the project, has not responded to requests for comment. The original partnership allocated two-thirds ownership to Finnish stakeholders—including Fortum, Outokumpu and SSAB—and one-third to Rosatom. The tribunal's finding adds a new dimension to the ongoing litigation between the parties.