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Tuesday, October 25, 2016

The court of Stockholm has allowed Gazprom not to pay Lithuania 1.4 billion euros

The Stockholm arbitration court took the side of Russian company Gazprom in a dispute with the authorities of Lithuania. The court rejected the claim of Vilnius to the company demanding € 1.4 billion compensation for the “unfair” gas prices. The parties will share the arbitration costs in half.

The Ministry of energy of Lithuania noted that the Tribunal did not see reasonable arguments either of the other hand, considered the term “right price” abstract and decided that to require delivery at the lowest price is meaningless. The Minister Rokas Masiulis said that the Vilnius disappointed with this decision.

A lawsuit against “Gazprom” was directed at the Arbitration Institute at the chamber of Commerce of Stockholm in 2012.

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