Russia's $25 billion Akkuyu nuclear project halted by sanctions

The construction of the first Akkuyu nuclear power plant in Turkey is the largest Russian-Turkish investment. The project, estimated at $25 billion, is entirely financed by Russia. However, the funds allocated for it by Rosatom have just been frozen.

Western sanctions are effectively hitting Russia's interests. The funds intended to finance the construction of Turkey's first nuclear power plant, Akkuyu, have been confiscated, as reported by "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 $25 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 Akkuyu nuclear power plant in Turkey is the largest Russian-Turkish investment, and the agreement was signed in 2010. In 2023, the first reactor and four power units, each with a capacity of 1,114 MW, opened.

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.