Czech ČEZ has initiated arbitration against “Gazprom” — they are demanding $45 million in compensation

The Czech energy group ČEZ initiated a lawsuit against the Russian gas monopolist Gazprom at the International Court of Arbitration in Geneva and demands compensation for the reduction of gas supplies in 2022. Itʼs about compensation in the amount of one billion Czech crowns ($45.3 million), the group reports.

The company bought gas mainly through intermediaries, but also had a direct contract with Gazprom for a small part of its imports, which ran until the end of 2022.

• Russian Gazprom produced 394.1 billion cubic meters of gas from January 1 to December 15, 2022, which is 19.6% less than last year. At the same time, exports to countries far abroad fell by 45.1%. Exports to countries far abroad amounted to 97.8 billion cubic meters, which is 45.1%, or 80.2 billion cubic meters, less than in the same period of 2021.