Uniper Initiates Arbitration Against Russia's Gazprom Over Damages - Statement

Uniper Initiates Arbitration Against Russia's Gazprom Over Damages - Statement

Germany's largest gas importer Uniper announced on Wednesday that it is initiating arbitration proceedings against Russia's Gazprom Export over damages due to undelivered gas

MOSCOW (Pakistan Point News / Sputnik - 30th November, 2022) Germany's largest gas importer Uniper announced on Wednesday that it is initiating arbitration proceedings against Russia's Gazprom Export over damages due to undelivered gas.

"Uniper has initiated arbitration proceedings against Russia's Gazprom Export (GPE) before an international arbitral tribunal... In the proceedings which will take place in Stockholm, Uniper is claiming damages incurred by the company in connection with the gas volumes not delivered by GPE since June," the statement read.

The German company estimates that the gas replacement costs alone, currently amount to at least 11.6 billion Euros ($12.02 billion) and will continue to grow until the end of 2024.