An arbitral tribunal of the International Chamber of Commerce (ICC) has ordered Russia’s state nuclear corporation Rosatom to pay a Finnish company a net sum of €606m ($677m) over a stalled nuclear power plant – while upholding the Russian entity’s counterclaim that the contract for the project was unlawfully terminated.

The panel ruled that nuclear power company Fennovoima had no right to terminate the engineering, procurement and construction (EPC) contract for the planned Hanhikivi nuclear power station in Finland.

It nevertheless recognised a net balance owed to the Finnish project owner by subsidiaries of Rosatom.