ICC Tribunal Halts Gazprom's Legal Actions in Russia Against CEZ
27 May 2024
2 Min Read
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.
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.
Next Story
Mumbai-Ahmedabad Bullet Train Set to Launch by 2028
India鈥檚 first bullet train is set to revolutionize high-speed travel along the western corridor, with the Mumbai-Ahmedabad high-speed rail project aiming for a 2028 launch. This announcement marks a major milestone in India鈥檚 infrastructure goals, as it promises to reduce travel time between the two economic hubs from eight hours to just three.Spanning a planned 508-kilometre stretch, the corridor stands as a flagship example of Indo-Japanese collaboration in technology and engineering. Once operational, the train is expected to transform intercity mobility and place India among the select..
Next Story
Mumbai-Gandhinagar Train Service Enhances Passenger Capacity
The Mumbai Central鈥揋andhinagar Capital Vande Bharat Express has increased its passenger capacity by adding four additional AC chair car coaches to meet the growing commuter demand on one of India鈥檚 busiest business corridors. This upgrade, effective from 11 May, raised the train鈥檚 seating capacity from 1,128 to 1,440 passengers, allowing it to serve 936 more passengers daily in both directions. The increase was described as a practical measure to accommodate the surging demand on the busy Mumbai鈥揂hmedabad鈥揋andhinagar route, which regularly operates at over 150 percent seat occupancy...
Next Story
Delhi Plans 12 Sewage Plants to Clean Najafgarh Drain Efficiently
Delhi鈥檚 ambitious plan to improve the water quality of the Yamuna River has gained significant momentum as the Delhi Jal Board (DJB) has begun work on 12 new sewage treatment plants (STPs) aimed at reducing the volume of untreated sewage being discharged from the Najafgarh Drain.This initiative forms part of the ongoing efforts to clean the Yamuna and restore the river鈥檚 health, which has long been a critical environmental issue for the national capital. Given the alarming pollution levels in the Yamuna, experts and officials consider this project a vital step toward addressing the persist..
