HomeEconomyGazprom lost the arbitration...

Gazprom lost the arbitration for 13 billion euros

Photo: Getty Images

Uniper is facing significant losses due to restrictions on Russian gas supplies at the end of 2022.

The Stockholm Arbitration Court allowed the German company Uniper to terminate a long-term contract with Gazprom Export and awarded it 13 billion euros in compensation for gas shortages from mid-2022. The company announced this on Wednesday, June 12.

function news4693237() {
$.get(‘//’ + window.location.host + ‘/ajax/module.aspx?spm_id=444&id=4693237&lang=2&IsAjax=true’, function (data) { $(‘#nk4693237’).html(data); });
}

news4693237();

“Uniper decided today to terminate long-term contracts for the supply of Russian gas and thereby legally terminate its long-term relationship with the Russian state company Gazprom Export,” the statement said.

This decision became possible after on June 7, the Arbitration Court awarded Uniper the right to terminate the contracts and recover more than 13 billion euros in compensation from Gazprom for the gas volumes not supplied by the Russian side since mid-2022.

Although only a limited volume of gas has been supplied from June 2022, and no gas has been supplied since the end of August 2022, the long-term gas supply contracts between the two companies are still legal, and the individual contract will continue to be valid until the mid-2030s.

After Uniper suffered huge losses due to restrictions on Russian gas supplies, it started arbitration proceedings against Gazprom Export at the end of 2022. The possibility to resolve the dispute in the arbitration court was provided in the contract and has been used by both parties in other disputes on several occasions in the past. The court in Stockholm made its decision in accordance with Swiss law. The arbitration award is legally binding and final.

We remind you that in 2024 the agreement on the transfer of Russian gas through Ukraine to the EU will expire. Brussels and Kyiv are now discussing possible supplies next year. One option is to pump gas from Azerbaijan through pipelines leading from Ukraine to Europe.

New Correspondent.net on Telegram and WhatsApp. Subscribe to our channels Athletistic and WhatsApp

Source: korrespondent

- A word from our sponsors -

Most Popular

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More from Author

- A word from our sponsors -

Read Now

The DPRK was promised by the “unclear” Poddjakke of Russia in the war against Ukraine

Russian military criminal, secretary of the Russian Council Sergey Shayga, visited Phogyan, where he met with Kim Jong. He promised him that the DPRK would support Russia, in particular, in the war against Ukraine. The parties discussed a joint operation in the Kursk...

In Pryluky, RF Postal House -Topl in the leader of the leader

In Pryluky, a hostile drone hit the house of the head of the local fire department. .in_text_content_22 {width: 300px; Height: 600px; } @Media (min-width: 600px) {.in_text_content_22 {width: 580px; Height: 400px; }} .Adsbygoogle {Touch-Action: Manipulation; } His family was killed: his wife,...

Russians were pushed to Constant and could be shot by a garden from artillery

The Russians have advanced towards Konstantinovka and are already shooting from artillery Ukrainian positions near the city. This is indicated in the report of the Institute of Military Research (ISW). .in_text_content_22 {width: 300px; Height: 600px; } @Media (min-width: 600px) {.in_text_content_22 {width: 580px; Height: 400px;...