COPENHAGEN (Reuters) - Finland's Fortum said on Thursday it had settled a dispute with Denmark's Vestas over advance payments it made for equipment for Russian wind park projects that were terminated due to sanctions.

The Finnish state-controlled utility said in April last year it had begun arbitration proceedings against Vestas over "sizeable advance payments" for more than 50 wind turbines it had made to the company for Russian projects.

The companies had agreed the contract before Russia's full-scale invasion of Ukraine in 2022, Fortum said.

The settlement means both companies will waive past, present and future claims related to the dispute, Fortum said in a statement, without giving financial details.

The financial impact of the settlement will be recorded as items affecting comparability in Fortum's fourth quarter this year, the company added.

(Reporting by Louise Breusch Rasmussen; Editing by Jane Merriman and Mark Potter)