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German Uniper wins multibillion-dollar arbitration against Gazprom

12 June 2024 21:43 (UTC+04:00)
German Uniper wins multibillion-dollar arbitration against Gazprom

By Alimat Aliyeva

German utility company Uniper has won a multibillion-dollar arbitration against Russian Gazprom. This will allow it to terminate invalid gas supply contracts, Azernews reports.

The German government had to rescue Uniper in 2022 after Gazprom first cut and then halted supplies, forcing the group to buy replacement volumes at sky-high prices on the spot market.

Uniper stated that the decision of the arbitration court in Stockholm on June 7 allowed it to terminate existing supply contracts, which legally still exist, even despite the lack of gas supplies.

The tribunal also awarded the firm more than 13 billion euros in compensation for the volumes of gas that Gazprom has not supplied since mid-2022.

"This decision provides legal clarity for Uniper. Having the right to terminate, which we received in the arbitration decision, we terminate contracts with Gazprom Export," said Uniper CEO Michael Lewis.

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