German gas importer Uniper has won a multibillion-dollar arbitration against Russia's Gazprom. This will allow the company to terminate the existing gas supply contracts and potentially set a precedent for similar cases. This was reported by DW, according to UNN.
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German gas importer Uniper has decided to terminate its gas purchase contracts with Russia and end its long-term relationship with Russian state-owned Gazprom Export. The decision was made possible after the Stockholm International Arbitration Court granted Uniper the right to terminate the contracts and claim damages of more than EUR 13 billion for the volumes of gas that Gazprom Export has not been supplying since August 2022.
According to Michael Levis, CEO of the German energy concern, all compensation payments should be sent to the German government, but "it is impossible to estimate whether any significant amounts can be expected to be received as of today.
After Uniper suffered significant losses due to restrictions on Russian gas supplies, the company initiated arbitration proceedings against Gazprom Export in late 2022. The arbitral award is legally binding and final.