Gazprom Export doesn't recognize breach of contract, validity of Uniper's claims for payment of damages

MOSCOW. Nov 30 (Interfax) - The Russian party does not recognize breach of contract or the validity of Uniper's claims for payment of damages, Gazprom Export told journalists in connection with the German energy company announcing the start of arbitral proceedings.

Uniper has initiated an arbitration process against Gazprom Export with an international arbitration tribunal in Stockholm, demanding compensation of losses incurred in connection with undersupply of gas since June. Uniper has been forced to purchase replacement volumes at a higher price in order to fulfill its obligations to clients at the earlier agreed upon prices and volumes, it said. The company's expenses to this end currently total no less than 11.6 billion euros and will continue to grow until the end of 2024.

"Gazprom Export LLC confirms that German company Uniper has initiated arbitral proceedings. We are currently studying the legal claim received and will defend our interests in the legal field. Gazprom Export LLC does not recognize breach of contract or the validity of Uniper's claims for payment of damages," Gazprom Export said.