Arbitration Confirmed Gazprom’s Right to Suspend Gas Supplies to Finnish Gasum: Gazprom

 / Go to the mediabankThe stand with the Gazprom company’s logo at the Sochi International Investment Forum 2016 / Go to the mediabankMOSCOW (Sputnik) – The Stockholm the arbitral tribunal ordered Finland’s state-run energy firm Gasum to pay Gazprom Export more than 300 million euros ($311 million) in debt, and confirmed the legality of Gazprom’s suspension of supplies to the Finnish company, Gazprom said on Thursday.”A decision has been made on arbitration between Gazprom Export and Gasum…. The arbitral tribunal in its decision, among other things, ordered Gasum to pay Gazprom Export of more than 300 million euros in debt for gas supplies and in connection with non–fulfillment of the ‘take or pay’ obligation, as well as interest charged for late payment,” Gazprom said on Telegram.Gazprom added that the tribunal recognized the legitimacy of the decree of the Russian president, concerning the payment for gas in rubles.”In addition, the tribunal recognized the publication of the decree of the Russian president No. 172 of 31.03.2022 on the transition to payment for gas in rubles as a circumstance of force majeure under the contract. Thus, the tribunal confirmed the legality of the suspension of natural gas supplies in case the buyer fails to pay in rubles in accordance with the decree of the Russian president,” Gazprom’s statement read.The arbitration also obliged the parties to continue negotiations on the contract to resolve the situation with further gas supplies, Gazprom concluded.Russian gas giant Gazprom completely halted gas supplies on May 21 to Finnish gas company Gasum since the company had not received payments in rubles. Earlier on Wednesday, Gasum said that the arbitration court in Stockholm ruled that the company is not obliged to pay in rubles under the contract with Gazprom Export.

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