HELSINKI — A Finnish-Russian plan to build a nuclear reactor in western Finland will not be at risk from international sanctions imposed over the Ukraine crisis, a Rosatom executive said? Tuesday.
Russia's state-owned nuclear company Rosatom said last month some of its international contracts could fall under the political curbs. Britain had already said it would review its pact with the company after Russian forces seized Ukraine's Crimea region.
However, Rosatom envisages the 4 billion to 6 billion euro ($5.5 billion to $8.3 billion) Finnish project, in which it has agreed to take a 33 percent stake, will proceed as planned — even though questions remain over ownership on the Finnish side of the deal.
"It is out of political issues … all decisions are made according to business issues," Anastasiya Zoteyeva, the vice president of Rusatom Overseas — the export arm of Rosatom — told a news conference in Helsinki.
"I do not see any political issues in that sense … when you think about business, common sense always wins."
Fennovoima, owned by Rosatom and some 40 Finnish companies such as steel firms Outokumpu and Rautaruukki, on Tuesday finalized the contracts ready to build the 1,200-megawatt reactor at Pyhajoki.
However, an announcement last month by retailer Kesko that it was quitting the consortium has raised concerns that the plant, scheduled to start operating in 2024, may not meet the level of Finnish majority ownership required by parliament.
Kesko's departure would effectively drop the confirmed Finnish ownership below 50 percent, but Pekka Ottavainen, the chairman of Finnish owners' cooperative, said he was still counting Kesko in.
He also said he was looking for new investors with an aim to boost the Finnish holding up to the full 66 percent and added that several companies were mulling the investment.
If no new investors show up by summer, Rosatom has an option to increase its holding to 49 percent, he said.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.