"Gazprom is going to recover almost $1bn from Polish Orlen
The Polish section of the Yamal-Europe gas pipeline, in which Gazprom and Orlen each owned 48 per cent, is being disputed
"Gazprom intends to recover $710 million and 886 million Polish zlotys ($224.5 million) from the Polish oil concern Orlen SA. The Arbitration Court of St. Petersburg and the Leningrad Region has already accepted the claim of the Russian company.
Source. This was reported by The Insider.
The defendants are also the owner of the Polish section of the Yamal-Europe gas pipeline, Europol Gaz SA, the British Ernst and Young Global Limited and the Polish Ernst and Young sp. z o.o. Corporate Finance Sp. k.
This is a continuation of the dispute between the Russian gas concern and its Polish partners. After the war broke out, in April 2022, Poland imposed sanctions on Gazprom and froze its rights to shares and dividends in Europol Gaz.
This joint venture owns the Polish section of the Yamal-Europe gas pipeline. Gazprom and Orlen owned 48% each, with another 4% held by Polish Gas-Trading S.A.
In November 2023, Poland effectively nationalised Gazprom's share, giving the shares to the company itself. Orlen later claimed that it now owned Europol Gaz.
Prior to that, Europol Gaz filed a $1.5bn claim against Gazprom Export in arbitration. The claim is based on lost profits from the termination of gas transmission through the Yamal-Europe pipeline.
In October, the Arbitration Court of St. Petersburg and the Leningrad Region upheld the claim of a Gazprom subsidiary that demanded that the Polish company cease proceedings at the Arbitration Institute of the Stockholm Chamber of Commerce. In case of violation of the ban, the Russian court threatened the Polish company with a fine of $1.5 billion.
Background. Meanwhile, it has been reported that India refuses to sign new oil supply contracts with Russia because of sanctions.
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