Uniper has terminated its long-term Russian gas supply contracts and ended its relationship with state-owned company Gazprom Export.
The decision came after an arbitration tribunal on June 7 awarded Uniper the right to terminate, and awarded it more than €13bn in damages for gas volumes not supplied by Gazprom Export since mid-2022.
Although only limited gas volumes had been delivered since June 2022, and no gas volumes since the end of August 2022, the long-term gas supply contracts between the two companies were still legally in force and individual contracts would have continued to exist until the mid-2030s.
After Uniper suffered substantial losses due to the Russian gas supply restrictions, the company initiated arbitration proceedings against Gazprom Export at the end of 2022.
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