Gazprom potentially faces huge damages claim

Finnish Gasum has reported that Gazprom will be brought before an arbitration court for shutting off gas, while Ørsted talks of a ”lengthy legal process” ahead.


Finland’s biggest gas company plans to bring Russian state-owned Gazprom to a court of arbitration for shutting off gas in the wake of Finland’s refusal to pay for gas deliveries in rubles. A written response from Danish utility Ørsted points to similar considerations. According to an law firm specializing in energy matters, Gazprom risks being stuck with quite hefty damages claims.

”We’re able to ascertain that Gazprom Export has stopped gas deliveries to Ørsted on June 1 and thereby fails to comply with the agreement on gas deliveries to Ørsted. Gazprom Export has insisted on demanding that Ørsted pay for gas in rubles. Ørsted is not obligated to do so per the contract, and we will continue to pay in euro. Now comes a lengthy legal process, about which we cannot go into details,” states Ørsted in writing.

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