Russia's £20bn nuclear investment in Turkey halted by sanctions

The construction of Turkey's first Akkuyu nuclear power plant is the most significant Russian-Turkish investment. The project, estimated at £20 billion, is entirely financed by the Russians. However, Rosatom has just frozen the funds allocated for it.

Western sanctions are effectively targeting Russia's interests. The funds intended to finance the construction of Turkey's first nuclear power plant, Akkuyu, have been confiscated, reports "The Moscow Times." The head of the state corporation, Alexei Likhachev, confirmed these reports, blaming US influences for this.

According to "The Moscow Times," the investment, estimated to cost £20 billion, is entirely financed by Russia. Although Rosatom is not directly subject to Western restrictions, Likhachev admitted that sanctions are hindering the investment. However, these restrictions encompass some subsidiaries, such as JSC Atomstroy, which develops nuclear installation technologies, and VPO Tochmash, which produces centrifuges for uranium enrichment.

The construction of the first Akkuyu nuclear power plant in Turkey is the most significant Russian-Turkish investment, and the agreement was signed back in 2010. In 2023, the opening of the first reactor and four power units, each with a capacity of 1,114 MW, took place.

The power plant is expected to cover 10 percent of Turkey's electricity demand. The commissioning of the nuclear power plant is planned for later this year.