Connect with us

Hi, what are you looking for?


Gazprom turned off the gas tap, so the Germans canceled the contract with the Russians

Gazprom turned off the gas tap, so the Germans canceled the contract with the Russians

Compensation of more than €13 billion has been awarded to German state energy company Uniper.

Although the agreement was supposed to last until 2030, the German state energy company “Uniper” announced on Wednesday that it would terminate the contracts concluded with the gas export company affiliated with the Russian company “Gazprom”, as the Russian side began not to fulfill them after a short time. From the beginning of the agreement. Invasion of Ukraine in mid-2022.

According to the German company, terminating the contracts became possible pursuant to the arbitration decision issued last June 7 in the dispute between the two companies, in which the Stockholm Arbitration Court permitted it to do so.

The Board of Directors also awarded compensation of more than 13 billion euros to Uniper for the loss caused by Gazprom Export due to non-delivery of natural gas for two years.

The long-term gas supply agreements between the two companies originally ran until the mid-2030s. Analysts see there is little chance that Gazprom would pay for the export, but if it did, the amount would increase the German federal budget, as Uniper is 99% state-owned. The hundred.

Uniper became the property of the German state in 2022, after Russia responded to European Union sanctions by stopping gas supplies to Germany. The German state spent tens of billions of euros to rescue the company, thus ensuring that the loss caused by the fact that Uniper had a large futures delivery contract based on the gas contract could be covered.

See also  Index - Abroad - The leaders of the world's two superpowers may meet within weeks

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Top News

In a harrowing incident that has shaken the community of Lewiston, Maine, a series of shootings on Wednesday evening resulted in a tragic loss...

Top News

President Joe Biden’s abrupt departure from a speech on the U.S. economy at the White House on Monday sent a ripple of speculation and...


Chinese scientists have discovered a little-known type of ore containing a rare earth metal highly sought after for its superconducting properties. The ore, called...

Top News

Given the differences in styles with next-generation consoles, the so-called “console war” between Sony and Microsoft is arguably moot. Most console players, however, will...

Copyright © 2024 Campus Lately.