The Russian company Power Machines, led by businessman Alexey Mordashov, achieved a significant victory by winning a claim at the Singapore International Arbitration Center (SIAC) against the Vietnamese state corporation Vietnam Oil and Gas Group (PetroVietnam). This is the first public victory for the Russian company, which has faced US sanctions since 2022.
In the lawsuit, the Power Machines company demanded compensation for the Long Phu 1 thermal power plant (TPP) construction project in Vietnam, which was stopped due to American sanctions. The lawsuit was filed after the Vietnamese side refused to negotiate with the Russian Ministry of Economic Development at the government level.
According to RBC sources, the claim was satisfied in the amount of over $500 million, which is the real cost of constructing the project before the contract was terminated. In turn, the Vietnamese side filed a counterclaim in the amount of approximately $3.5 billion, but the court rejected it.
A representative of the Power Machines company confirmed this victory and added that the SIAC decision was made in favor of the company in November 2023. However, details of the decision remain confidential for now.
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