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Fortum Fights Back: Finland’s Energy Giant Takes Legal Action Against Russia’s Asset Seizure

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President Vladimir Putin (Russia)| Biden

On Thursday, the Finnish energy group Fortum announced that it had sent notices of dispute to protect its legal position and shareholder interests. This was in response to what Fortum claimed were violations of investment treaty obligations by Russia. In April, Russian President Vladimir Putin signed a decree that temporarily placed the Russian assets of Fortum and Germany’s Uniper under Russian control. Both companies operate power plants in Russia.

Fortum Statement

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Fortum stated that these notices of dispute are the first step in the arbitration proceedings, which are expected to begin at the end of 2023.

Finland Group Fortum

On Thursday, the Finnish energy company Fortum announced that it had sent notices of dispute to protect its legal rights and the interests of its shareholders. This was in response to what Fortum claimed were violations of investment agreements by Russia.

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