France's Engie Banned From Pursuing Gazprom Internationally by Russia Court
By Mauro Orru
A 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.
Russia's decision to throttle gas deliveries that year forced European utilities to scramble for replacement volumes at higher prices through different sources to meet obligations to customers.
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. Uniper filed an appeal against the ruling in Russia.
Write to Mauro Orru at mauro.orru@wsj.com
(END) Dow Jones Newswires
June 19, 2024 07:30 ET (11:30 GMT)
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