Russia vs Non-Atomic Bulgaria

Novinite Insider » OPINIONS | Author: Milena Hristova |September 11, 2012, Tuesday // 15:30
Bulgaria: Russia vs Non-Atomic Bulgaria

We knew it was coming.

More than a year ago Moscow warned that if the contract for the construction of Belene nuclear plant is not signed by the set deadline, Bulgaria will be sued and obliged to pay EUR 1 B in damages.

This is the breaking news that Russian media broke on Tuesday, with both sides fully aware of what this step may lead to.

Russia, for whom this project is very important from a political rather than an economic point of view, is very angry as it may have been inclined to agree to yet another delay. For Moscow, it was of crucial importance to build its first nuclear power plant in the European Union, which it then could show to all its clients in Europe.

Bulgaria finds consolation in the fact that it takes a long time before the International Court of Arbitration comes up with a ruling. Under the law, this should take no more than a year, but actually cases drag on for years.

It is still unclear how things will turn out as Russia's claims may prove to be unfounded.

Potentially, however, this could become the most expensive arbitration proceedings in Bulgaria's history.

We need your support so can keep delivering news and information about Bulgaria! Thank you!

Opinions » Be a reporter: Write and send your article
Tags: Belene, Russians, Bulgarian Energy Holding, Boyko, Borisov, Prime Minister, Kozloduy, emergency meeting, EU, Fukushima, tsunami, Earthquake, Japan, safety, reactor, nuclear, Atomstroyexport, Rosatom, Traicho, Traikov, Kozloduy NPP, NPP, Nuclear Power Plant, Belene NPP, sofia, Moscow, Belene, Bulgaria, Russia, power, plant, project, Krasimir, Parvanov, Simeon, Djankov, NEK, National Electric Company, Russia, Russian, HSBC
Advertisement All Are Welcome! Join Now!
Bulgaria news (Sofia News Agency - is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." (Sofia News Agency - and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria