Yeni Şafak: Rosatom lacks money to complete Turkey's first Akkuyu NPP
Photo: Akkuyu NPP / Rosatom

The construction of Turkey's first nuclear power plant, Akkuyu, which is being carried out by Rosatom, is at risk of disruption due to the financial difficulties of the Russian company and US sanctions. This was reported by and of the Turkish newspaper Yeni Şafak.

In February 2025, the US Department of Justice blocked $2 billion in a JPMorgan account. This money was intended to finance the project.

According to US investigators, they were used outside the construction of the nuclear power plant, in particular to circumvent sanctions against Russia. It is noted that part of the money was transferred to Russian companies in dollars through the Turkish Ziratbank.

As a result, funding for construction has been significantly reduced – not even half of the planned $7 billion has been transferred so far.

The number of workers on the construction site has dropped from 35,000 to about 12,000. The number of Russian specialists has decreased the most: out of 14,000, only about 4,000 remained on site. The rest went home due to lack of salaries.

Local bakeries have seen an 80% drop in bread sales, and cafes and restaurants are organizing farewell dinners for Russians leaving the site. The local rental market is also experiencing changes: housing prices are falling as apartments are being vacated en masse.

Currently, the company is focusing all its efforts on completing the first power unit, which is scheduled to be commissioned by the end of 2025. All employees have been transferred to this facility.

It is assumed that after its commissioning, it will start generating revenue that will accelerate the construction of three more reactors.

It is also reported that Rosatom is negotiating the sale of a 49% stake in the Akkuyu NPP project to raise additional funding.

In addition, the company has asked the Turkish government to provide tax breaks and other financial relief, but Ankara has not yet fulfilled these requirements.

  • In February, Russia, which has problems with cross-border transfers due to sanctions, negotiated the use of natural gas to pay for the construction of Turkey's first nuclear power plant.
  • Earlier, The Wall Street Journal wrote that the Akkuyu project was probably used to circumvent sanctions against the Russian Central Bank. Russia tried to create a "dollar reserve" in Turkey under the guise of financing a nuclear power plant, but the scheme was blocked by the US Department of Justice.