Finance
Russian court awards EuroChem $2.19 billion in lawsuit against Italy's Tecnimont
Published by Global Banking & Finance Review®
Posted on November 28, 2025
2 min readLast updated: January 20, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on November 28, 2025
2 min readLast updated: January 20, 2026
EuroChem wins a $2.19 billion lawsuit against Tecnimont over a halted ammonia plant project in Russia, with ongoing international arbitration.
MOSCOW (Reuters) -A Russian court has awarded fertiliser producer EuroChem more than 171 billion roubles ($2.19 billion) in a lawsuit against Italian engineering firm Tecnimont and its subsidiary, the Russian unit of EuroChem said on Thursday.
EuroChem North-West-2 had sought 202.7 billion roubles, claiming Tecnimont and its Russian unit failed to fulfil obligations to build a new ammonia and urea production plant in the town of Kingisepp in Russia's north-western Leningrad region.
"We are satisfied with the court's decision. It is an important step towards restoring justice. The main task today is to complete the construction of the plant and put it into operation," EuroChem North-West-2 said.
Maire Spa, the owner of Tecnimont, said on Friday it would "vigorously challenge the unlawful actions" of Eurochem NW2, and that it was seeking damages of more than 700 million euros ($810.32 million) from judicial authorities and international arbitration courts.
In June 2020, EuroChem signed contracts with both companies to build the plant by September 2023, but the contractors suspended work on the project in 2022 due to Western sanctions.
In its 2024 annual report, Maire said a "geopolitical crisis" had a particularly profound impact on the purchase and transportation of equipment and materials needed to carry out the project.
In August 2022, EuroChem said it was terminating the contract due to non-performance by the counterparties.
The International Court of Arbitration has been considering the parties' counterclaims over the project since 2022.
($1 = 78.0955 roubles)
($1 = 0.8639 euros)
(Reporting by Anastasia Lyrchikova in Moscow; additional reporting by Francesca Landini in Milan and Gavin Jones in Rome; editing by Vladimir Soldatkin and Sharon Singleton)
Project management is the process of planning, executing, and overseeing a project to achieve specific goals within a specified timeframe and budget.
An arbitration court is a legal body that resolves disputes outside of traditional court systems, where an arbitrator makes a binding decision.
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