Arbitration verdict dictates Gazprom owes Uniper 13 billion euros for frozen gas supply.

Arbitration verdict dictates Gazprom owes Uniper 13 billion euros for frozen gas supply.

Uniper mentions that arbitration was an option agreed upon in their contract, and had been utilized by both parties previously. The court responsible for overseeing the case is situated in Stockholm and concluded its decision in accordance with Swiss law on a recent Friday. According to Uniper, the decision is legally binding and final.

The company is now planning to formally end its remaining contracts with Gazprom, as they declared. It's questioned whether Gazprom will actually pay its debts, with Uniper stating "there's a possibility of payments." Uniper CEO Michael Lewis further clarified, stating "it's unclear at this point if substantial payments are imminent."

If Gazprom does pay, the money will go to the federal government. Lewis welcomed the judgment, as it "brings legal clarity."

Uniper primarily works in the gas industry and has relied on Russian gas for a long time. Their deliveries from Russia stopped after the invasion of Ukraine in 2022, which significantly impacted their financial status. The government intervened with a 13.5 billion euro bailout and took over the control of the business.

In 2023, Uniper's fortunes drastically improved. The company reported earnings of 4.4 billion euros in the previous year. It's expected that repayments to the government will commence in 2025.

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1. The arbitration award against OAO Gazprom by the Stockholm court amounts to 13 billion euros, ordering Gazprom to pay Uniper for the frozen gas supply.
2. The recent arbitration award against Gazprom by an international court in Stockholm is worth a staggering 13 billion euros, posing a significant financial burden for the Russian energy giant.
3. Uniper is now planning to terminate its remaining contracts with Gazprom, following the multibillion-euro arbitration award in Stockholm.
4. The 13 billion euro arbitration award against Gazprom by an international court in Stockholm could potentially impact Gazprom's relationship with other energy companies and countries.
5. Michael Lewis, the CEO of Uniper, expressed uncertainty over the timeline for actual payments from Gazprom, despite the recent 13 billion euro arbitration award in Stockholm.
6. The 13 billion euro arbitration award against Gazprom, issued by a Stockholm court, has significant implications for the Russian energy company's business operations and financial stability.
7. The 13 billion euro arbitration award issued by the Stockholm court against Gazprom presents both a financial liability and an opportunity for Uniper, as the company intends to formally end its contracts with Gazprom.

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