Czech state energy company ČES said an international arbitration court has ruled that Russian gas company Gazprom must pay ČEZ more than 1 billion Czech crowns (over €40 million) for cutting agreed-upon natural gas supplies.
As reported by Ukrinform, this was reported by Radio Prague International.
“The tribunal fully satisfied the claim of ČEZ, which in international arbitration proceedings demanded that the Russian gas company Gazprom compensate damages exceeding one billion crowns,” said ČEZ press secretary Ladislav Krež.
The damage arose because Gazprom significantly reduced the supply of natural gas in 2022, which ČEZ had ordered before the Russian invasion of Ukraine.
The company was forced to cover this deficit with gas purchased at the high prices of the time.
According to the arbitration decision, Gazprom is obliged to pay ČEZ not only the specified amount of compensation, but also interest for the delay, as well as cover legal costs.
If payments are not made voluntarily, ČEZ will seek to collect them by force.
As reported by Ukrinform, the Stockholm Chamber of Commerce ruled in favor of the Austrian oil and gas company OMV in arbitration proceedings on an Austrian gas supply contract, awarding OMV compensation from Gazprom Export in the amount of €48 million.
Photo: LEIF R JANSSON/TT