S.Korean shipyard threatens case against Russian shipbuilder over canceled contracts

S.Korean shipyard threatens case against Russian shipbuilder over canceled contracts

Samsung Heavy Industries plans to take legal action after Russian company cancels contracts worth $4.2B

By Yasin Gungor

ISTANBUL (AA) - Samsung Heavy Industries said on Thursday that it will sue Russia's largest shipbuilding company after Zvezda unilaterally canceled lucrative contracts.

“The Russian client unilaterally claimed the contract was not fulfilled during negotiations,” said South Korean-based Samsung Heavy.

Zvezda on Wednesday notified Samsung of the termination and demanded a refund for the $800 million down payment and delayed interest.

Samsung Heavy called the termination notice illegal and announced its plans to file a claim with the Singapore Arbitration Court.

Zvezda is a Russian shipbuilding company that operates the country's largest shipyard in Primorsky Krai across the bay from Vladivostok, a major port city near the borders with China and North Korea.

The deal between the two companies was disrupted by the start of the war in Ukraine in 2022 and Zvezda's inclusion on a list of Russian companies sanctioned by the United States over the ongoing war.

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