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Finnish Fortum initiates legal proceedings against Russian Forward Energo

It is expected that the trial will take several years

HELSINKI, October 22. /TASS/. Finnish energy concern Fortum has initiated legal proceedings in a Dutch civil court against Russian company Forward Energo (formerly known as PAO Fortum), the Finnish company announced in a press release.

"The proceedings concern intercompany loans of approximately 600 million euros granted to PAO Fortum. PAO Forward Energo is in payment default of all intercompany loans. The majority of these loans have reached their maturity date and have not been repaid. In addition, PAO Forward Energo has failed to pay the interest due on all loans. <…> The claim, including interest and default interest, amounts to approximately 800 million euros. The final amount will depend on the ruble-to-euro foreign exchange rate and the amount of due interest," the statement says.

It is expected that the trial will take several years. In accordance with the original loan agreements, disputes between the parties must be resolved in Dutch courts and in accordance with Dutch law, the statement says.

On April 25, 2023, Russian President Vladimir Putin signed a decree according to which 83.73% of Unipro shares owned by the German concern Uniper and 98.23% of Fortum shares owned by the Finnish group Fortum were transferred to external management by the Federal Property Management Agency. This measure was taken in response to the unfriendly actions of a number of states towards Russia. On February 27, 2024, Fortum announced that it had initiated arbitration proceedings against Russia and would seek compensation for its assets.

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