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Should Gazum pay Gazprom more than 300 million euros for uncollected gas after refusing to pay in rubles?

Russian energy giant Gazprom Export said an arbitration court in Stockholm had ruled that Finland’s Gasum must pay it more than 300 million euros ($311 million) for gas supplies after did not adhere to its obligations under the “take or pay” clause (a contractual condition in which regardless of whether natural gas is used or not by the customer, he is obliged to pay for it, ed.), reported Reuters, quoted by BTA.

Contrary to the Russian company’s claims, Gazum said yesterday that the arbitration court had ruled that it should not pay for the supplies in rubles (without specifying whether it owes penalties at all, ed.), as requested by Gazprom, after Europe imposed sanctions against the Kremlin because of the invasion of Ukraine.

Subsequently, in May, the Finnish company filed an arbitration case against Gazprom. Shortly thereafter, the Russian exporter stopped gas flows to Finland.

“The arbitration court, among other things, ordered Gazum to pay its obligations to Gazprom Export for more than 300 million euros for gas supplies and in connection with the default of the “take or pay” obligation, as well as interest for the delay payment,” the St. Petersburg-headquartered company also said.

The tribunal has “confirmed the legality of the suspension of gas supplies” in cases where the buyer has not paid in rubles, a requirement announced by Russian President Vladimir Putin, the Russian side explained.

According to Gazum, which has a long-term natural gas supply contract with Gazprom, the arbitration court has authorized the two companies to continue negotiations on the dispute.

It is not clear who is telling the truth. The decisions of the arbitration court are not published because they contain trade secrets.

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