Finland sues global major over Russian turbines ...News

State-owned Fortum alleges Danish wind-power firm Vestas failed to return advance payments for project canceled due to sanctions Finland’s state-owned energy company Fortum Oyj has launched International Chamber of Commerce (ICC) arbitration proceedings against Danish wind-energy giant Vestas over the termination of contracts to deliver around 50 wind turbines to Russia. According to the Finnish utility, “sizeable advance payments” had been made to Vestas for wind turbines before Ukraine-related sanctions were introduced against Russia by the European Union last year. “Vestas did not deliver on its contractual obl

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