"This situation is exceptional and happened for the first time in over 20 years of our trading history," RAO Nordic said.
By Tyler Durden: Russia will cut its delivery of electricity to Finland starting Saturday, RAO Nordic said Friday, which is a subsidiary of Russian state energy holding Inter RAO. It's calling the stoppage unprecedented.
"We are forced to suspend the electricity import starting from May 14," RAO Nordic said, explaining as the reason that it had yet to receive payment for volumes sold in May. "RAO Nordic is not able to make payments for the imported electricity from Russia."
"This situation is exceptional and happened for the first time in over 20 years of our trading history," RAO Nordic added.
The unprecedented stoppage comes immediately on the heels of Finland's prime minister and president in a joint announcement Thursday affirming the Scandinavian country's intent to apply for NATO membership. Sweden too has been coordinating with Helsinki over joining the Western military alliance.