Fortum expects hearing on Russian assets at end of 2023

MOSCOW, Jul 13 (PRIME) -- Finnish energy company Fortum expects a court hearing on temporary nationalization of its stakes in Russian subsidiary of the same name by the Russian government to start at the end of 2023, the company said in a statement on Thursday.

Fortum sent notices of its disputes on violation of its liabilities in the framework of bilateral investment agreements that Russia had signed with the Netherlands and Sweden.

“These notices of dispute are the first step required for arbitration proceedings expected to be initiated at the end 2023. Fortum will seek compensation for the value of its shares in PAO Fortum and its investment in Russia amounting to several billions of euros,” the statement read.

Russian President Vladimir Putin signed a decree introducing temporary nationalization of a 69.8807% stake in Fortum owned by Fortum Russia, 28.3488% owned by Fortum Holding and 83.73% in power company Unipro owned by Germany’s Uniper.

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