CL-2022-000456 - [2025] EWHC 1938 (Comm)

When completed, the new Kingisepp plant will be one of the largest fertiliser plants in the world. It will significantly increase the total manufacturing capacity of the EuroChem group. The construction project being undertaken by EuroChem NW2 therefore is of strategic importance to the EuroChem group, and indeed to the Russian economy. It therefore has attracted interest at the level of the Russian federal government.

The project continues to proceed, despite sanctions and despite the withdrawal of Tecnimont and the Banks’ failure to pay under the Bonds. EuroChem NW2 found alternative finance, largely from Russian banks which are subject to EU and other sanctions. It also found an alternative contractor: Velesstroy, a Russian company which is now subject to US sanctions. The plant is expected to commence operating in 2026.