Further details of the lawsuit are not yet available. The Russian state agency TASS reported on the lawsuit on Friday morning based on court files.
ČEZ started arbitration proceedings with the largest Russian gas supplier at the International Chamber of Commerce (ICC) in February. Due to the reduction of natural gas supplies in 2022, the largest Czech energy company is requesting damages of around one billion crowns.
According to analysts, the key in the ongoing arbitration is to determine under what circumstances possible damage to the Czech company arose. According to them, if the Czech company proves non-compliance with the contract on the part of Russia, it has a considerable chance of being awarded compensation.
In such a case, ČEZ could affect Gazprom’s assets in foreign countries, but in the case of assets located in Russia, such a possibility is unlikely, according to experts on international trade law.
Gazprom and some other Russian companies are trying to move these lawsuits from international arbitration to Russia, Reuters writes. Gazprom has the largest reserves of natural gas in the world and has a monopoly on the export of this strategically important raw material from Russia through a network of gas pipelines. The Kremlin has control over the company.
Gazprom increased year-on-year deliveries to Europe by roughly a quarter in March
Economy
