Finnish energy company Fortum has made a formal objection to the seizure of its assets by Russian State Property Management group Rosimushchestvo.
“With its actions, the Russian Federation has caused the dismissal of PAO Fortum’s CEO and deprived Fortum of its shareholder rights,” a company statement reads.
“Fortum considers Russia’s actions to be a crude violation of international law and of Fortum’s rights as a foreign investor. Fortum is preparing to take all necessary measures to protect its rights under relevant international legislation.”
Fortum added that it is analysing the overall impacts of Russia’s actions on the company and will announced its findings in its first quarter financial results on 11 May, 2023.
Fortum operates a portfolio of renewable energy assets in Russia, including three solar power plants with a total capacity of 35 MW. Another project, with a capacity of 116 MW, is under construction.
In addition, the company, along with joint ventures, has 14 operational wind power projects with a total capacity of 1113MW in Russia, and around 254MW of projects under construction.