Fortum Seeks ‘Several' Billion Euros From Russia Over Assets [BNN Bloomberg (Canada)]
FORTUM OYJ CP UNSP/ADR (FOJCY)
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www3.fortum.com/about-us/investors/focus
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Source: BNN Bloomberg
Finnish utility said it will write off the remainder of the value of its unit in the country. The company has initiated arbitration proceedings, citing Russia's “violations” of investment treaty obligations, it said in a statement on Tuesday. Fortum is seeking “several billions of euros” in compensation for the value of its shares in PAO Fortum and its investments in the country. Fortum said it sent notices of dispute to Russia in July as the first required move in the legal process but that authorities haven't engaged in discussions with the company. In May, Fortum said it will write off the remainder of the value of its Russian unit that was seized by the Kremlin in retaliation for asset freezes by European countries. The utility booked an impairment of €1.7 billion ($1.8 billion) for the second quarter of 2023. Read More: Finland's Fortum Will Fully Write Off Russian Power Assets “Fortum will continue to take all necessary steps to protect its investments and rights,” the
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