The Finland-based subsidiary of Russian Inter RAO explained that the money for sales made since May 6 has not yet been credited to its bank account.
On Friday, RAO Nordic Oy, a Finland-based subsidiary of Russian state energy holding Inter RAO, announced that it will cut electricity supply to Finland starting tomorrow.
"We are forced to suspend the import of electricity from May 14," the company said, specifying that the money for sales made since May 6 has not yet been credited to its bank account.
"This situation is exceptional and occurred for the first time in more than twenty years of our commercial history", RAO Nordic Oy said, recalling that it imported electricity to sell it to the Nord Pool.
"We hope that the situation will improve soon and that the electricity trade with Russia can resume," he added.
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Last April, the Finnish grid company Fingrid reported that it would limit power transmission capacity on the Russian border, which would reduce imported power from 1,300 MW to 900 MW.
"This decision is based on an assessment of the risks of the energy system in the context of the changing international situation," Fingrid said, referring to the Ukrainian conflict.
Inter RAO is the only electricity export and import operator in Russia, and its main customer has historically been Finland. In 2021 alone, for example, Russia supplied the neighbouring country with 8.2 billion kW/h out of a total of 21.77 billion kW/h exported.