On 28 February 2018, Ukraine’s state-owned gas entity, Naftogaz, secured an award of US$4.67 billion against Gazprom –which required Gazprom only to make a payment of US$2.56 billion on account of certain residual payments owed by Naftogaz – following a lengthy dispute between the parties concerning the supply and transit of Russian gas to consumers […]
On 25 October 2018, Gazprom filed an EUR 6.4 billion investment treaty claim against Ukraine in accordance with UNCITRAL Arbitration Rules, under the Russia – Ukraine Bilateral Investment Treaty of 1998 (BIT). The claim concerns a fine imposed by a state authority. Although analysing the merits of the claim at this stage is premature, the […]
On January 2009, Gazprom and Naftogaz signed a confidential long-term gas sales agreement (the “Contract“) for 2009-2019. Some in the media declared that the Contract included an oil-linked formula for the gas price, a “take-or-pay” clause and a price review clause. Five years later, Gazprom finds itself claiming USD 4.5 billion in unpaid debts for natural […]
On 28 July 2014 a historic award in Yukos v. The Russian Federation rendered by the arbitral tribunal seated in The Hague finally became publicly available. The tribunal ordered Russia to pay more than 50 billion US$ for its expropriation of Yukos, making this award the biggest one in the history of international arbitration. Considering the circumstances, […]
Lithuanian leading natural gas company Lietuvos Dujos is in the centre of a number of litigations and arbitrations between Gazprom and Lithuania, which are both shareholders in the company. Gazprom is challenging Lithuania’s recent regulations requiring Lietuvos Dujos to divest its gas transit assets as a breach of the bilateral investment treaty between the Russian Federation and […]
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