Russia cuts its electricity supply to Finland

Russia has halted power shipments to Finland, according to Fingrid, a Finnish energy company.

The supply was essentially cut at 12 a.m. CET on Saturday, according to Reima Päivinen, Fingrid’s Senior Vice President of Power System Operations.

He went on to say that the suspension had no effect on the market and that Finland could “cope” with the drop because Russian electricity only accounts for a small portion of the country’s total consumption.

“We’re also approaching summer, when less electricity will be required,” Päivinien said.

He added that he was “certain” there would be no serious issues next winter.

Fingrid announced on Friday that Russia was suspending power exports owing to payment issues.