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Fortum seeks compensation from Russia over seized assets

Reuters
·1 min read
FILE PHOTO: Fortum headquarters in Espoo, Finland

HELSINKI (Reuters) -Finnish energy company Fortum is seeking billions of euros in compensation from Russia for Moscow's seizure last year of the group's assets in the country, the company said on Tuesday.

Russia in 2023 took over seven thermal power units and a joint-venture portfolio of wind and solar plants under a decree by President Vladimir Putin after the utility had tried to sell the assets since the invasion of Ukraine in 2022.

"Fortum will seek compensation for the value of its shares in PAO Fortum and its investments in Russia, amounting to several billions of euros," the company said in a statement.

The group in May last year announced losses of 1.7 billion euros ($1.84 billion) following its exit from Russia.

($1 = 0.9223 euros)

(Reporting by Essi Lehto, editing by Terje Solsvik and Ed Osmond)