Russian court imposes fine of $1.5 bln against Poland's EuRoPol GAZ if company continues arbitration proceedings against Gazprom in Stockholm

MOSCOW. Nov 2 (Interfax) - Prohibiting Poland's EuRoPol GAZ from continuing arbitration proceedings against Gazprom Export at the Stockholm Chamber of Commerce (SCC) Arbitration Institute, a Russian court has imposed a sanction of $1.5 billion against EuRoPol GAZ for violating the ban.

EuRoPol GAZ is demanding the same amount from the Gazprom subsidiary in the contested arbitration proceedings.

The Arbitration Court of the City of St. Petersburg and the Leningrad Region on October 26 upheld the claim of Gazprom Export LLC to impose an injunction against EuRoPol GAZ from continuing arbitration proceedings at the SCC Arbitration Institute, according to the court's materials. The full text of the decision was released on October 31.