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Sanctions won’t have impact on Finnish nuclear ” Rosatom

Russian state-owned Rosatom says it believes international sanctions are unlikely to have an effect on the company’s work at Pyhajoki nuclear power plant.

The Finnish-Russian Fennovoima project. 33 per cent owned by Rosatom had been subject for concern after western governments reacted unfavourably to Russian actions in Ukraine.
However, Rosatom envisages the $5.5-8.3bn Finnish project will proceed as planned – even though questions remain over ownership on the Finnish side of the deal.

“It’s out of political issues … all decisions are made according to business issues,” Anastasia Zoteeva, the vice president of Rusatom Overseas – the export arm of Rosatom – told a news conference in Helsinki. “I don’t 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 finalised the contracts ready to build the 1200 MW 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.

If no new investors showed up until summer, Rosatom has an option to increase its holding to 49 percent.

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