By Mauro OrruA Russian court banned French utility Engie from pursuing arbitration proceedings against Gazprom Export outside Russia over interrupted gas supplies following the invasion of Ukraine. Engie initiated proceedings against Gazprom Export toward the end of 2022 as it sought compensation for "significant delivery shortages" of gas as of mid-June that year, despite having long-term gas supply agreements with the company. The Arbitration Court of St. Petersburg and the Leningrad Region ruled Wednesday that Engie cannot pursue arbitration proceedings outside of Russia, according to court records, though the impact of the decision is unclear. Engie and Gazprom Export didn't respond to requests for comment. The decision comes months after the same court ruled that Germany's Uniper could no longer pursue arbitration proceedings internationally, or it would allow Gazprom Export to claim billions of dollars in damages.

Source: Wall Street Journal June 19, 2024 19:03 UTC