Bulgaria starts arbitration against Russia's Gazprom over gas deal
SOFIA, July 9 (Reuters) -Bulgarian state gas company Bulgargaz EAD has started arbitration proceedings against Russia's Gazprom Eksport OOO, seeking compensation of 400 million euros ($432.76 million) for breach of contract in 2022, the company said on Tuesday.
The Bulgarian company launched proceedings on Monday before the Arbitration Court of the International Trade Chamber in Paris as the Russian company failed to respond to its invitation to settle.
"After the Russian side did not take action to settle the matter out of court, Bulgargaz took the necessary steps to protect the company's interests," it said in a statement.
Last year, Gazprom suspended Bulgargaz' long-term contract, which covered 90% of the quantities of natural gas delivered by Bulgargaz to customers. Gazprom stopped supplying natural gas to Bulgargaz in late April 2022.
Gazprom could not be immediately reached for comment.
Bulgaria, a European Union and NATO member joined international sanctions against Russia over its invasion of Ukraine in 2022.
($1 = 0.9243 euros)
Reporting by Aleksandar Vasovic; Editing by Barbara Lewis
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
