Russian court orders Tecnimont & its Russian subsidiary to pay RUB171 billion
The Moscow Arbitrazh (Commercial) Court has ordered Italian company Tecnimont and its Russian subsidiary MT Russia to jointly pay RUB 171 billion, partially upholding the claim brought against them by EuroChem Severo-Zapad-2 LLC. This follows from the court's decision published in the court case docket.
EuroChem Severo-Zapad-2 demanded RUB 202.7 billion from its former contractors.
The claim amount consisted of RUB 8.06 billion in unjust enrichment, RUB 3.83 billion interest, and RUB 159.22 billion in losses. In addition, interest will be charged on the debt amount of RUB 8.06 billion based on the Central Bank's key rate (currently 16.5%) until the date of actual debt repayment.
"We are satisfied with the court's decision, which marks an important step towards restoring justice. Today, the main issue facing EuroChem Severo-Zapad-2 is to complete construction of the plant and put it into operation," TASS quotes EuroChem Severo-Zapad-2 as saying.
Earlier, this EuroChem company had asked Italian banks to freeze the operations of Tecnimont and MT Russia amounting to an equivalent of RUB 9.5 billion.
EuroChem believes that the Maire holding company (which includes Tecnimont) breached its contractual obligations by failing to finish building the plant, citing sanctions as a "convenient excuse," given that "they were already behind schedule and over budget."
In 2020, EuroChem and Tecnimont signed an agreement for the design and construction of an ammonia and urea production plant in Kingisepp, Leningrad Region. In August 2022, EuroChem Severo-Zapad-2 announced it was terminating the agreement, citing the contractors' refusal to fulfil their obligations. Tecnimont and MT Russia then initiated international arbitration proceedings in London against the client, EuroChem. The latter filed a counterclaim.
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05.12.25