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.
