ICC Tribunal Halts Gazprom's Legal Actions in Russia Against CEZ

27 May 2024 CW Team

An International Chamber of Commerce (ICC) tribunal has barred Russia's Gazprom from proceeding with legal actions in Russian courts against the Czech energy company CEZ.

CEZ announced that the ICC tribunal upheld its request to resolve disputes through ICC arbitration rather than in Russian courts. This development comes after CEZ sought compensation of approximately 1 billion crowns ($44 million) from Gazprom in February 2023, citing reduced gas supplies in 2022 amid the geopolitical fallout from Russia's invasion of Ukraine.

Gazprom, the state-controlled energy giant, had recently attempted to shift legal proceedings to Russian jurisdiction, filing lawsuits against CEZ and other entities last month. However, CEZ's statement clarified that an arbitration clause, binding both parties, mandates that any disputes related to gas supplies be settled by the ICC.

"The Tribunal granted our request, confirming that disputes between the companies should be resolved in ICC arbitration, not in front of Russian courts," CEZ stated.

This ruling follows a separate incident where a Russian court banned Austria's OMV Gas Marketing and Trading GmbH from pursuing arbitration against Gazprom in Stockholm, threatening significant fines. OMV dismissed the Russian proceedings as illegitimate.

The Czech Republic, heavily reliant on Russian gas until 2022, has since diversified its energy sources following reduced shipments due to deteriorating relations with Russia.

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