Gazprom: Stockholm arbitration court orders Gasum to pay 300 mln euros for Russian gas supplies, recognizes transfer to ruble payments as per force majeure in contract
MOSCOW. Nov 17 (Interfax) - A Stockholm arbitration court has ordered Gasum to pay Gazprom Export more than 300 million euros that the Finnish company owes for Russian gas supplies, and the court has recognized the Russian presidential decree on transferring to paying for Russian gas in rubles as per the force majeure clause in the contract, Gazprom Export said in a statement.
"On November 14, 2022, a decision was rendered following the ad hoc arbitration proceedings in Stockholm between Gazprom Export LLC and the Finnish company Gasum Oy. In its decision, the arbitration court, among other matters, ordered Gasum to remit payment to Gazprom Export for the debt exceeding 300 million euros for gas supplies, and relating to non-fulfillment of the 'take or pay' obligation, as well as interest on late payment," Gazprom Export stressed.
Moreover, the arbitration court recognized the Russian presidential decree issued on March 31, 2022, on transferring to pay for gas in rubles "as per the force majeure clause in the contract".
"Consequently, the arbitration court has affirmed the legitimacy of suspending the supply of natural gas in the event that the buyer fails to remit payment in rubles in accordance with the decree of the President of the Russian Federation," Gazprom Export noted.
Gazprom Export also reported that the arbitration court had ordered the parties to continue negotiations regarding the contract in order to resolve the situation with future gas supplies.
Gasum posted a press release on its website on Wednesday: "On November 14, the arbitral tribunal issued an award in the matter. According to the award, Gasum is not obligated to pay in rubles nor though the proposed payment procedure. Furthermore, the arbitral tribunal ordered Gasum and Gazprom Export to continue their bilateral contract negotiations to resolve the current situation. Natural gas deliveries from Russia in accordance with Gasum's supply contract will not continue for the time being."