11/30/2022, 4:32 PM (Source: TeleTrader)
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Gazprom denies violating Uniper contract

Russian gas giant Gazprom confirmed on Wednesday that German energy company Uniper initiated arbitration proceedings citing missing gas deliveries that were agreed upon prior to June.

However, Gazprom refused claims it violated the contract with Uniper and therefore prompted additional costs for the company that currently amount to €11.6 billion. Commenting on business relations with Gazprom, Uniper previously confirmed plans to distance itself from its Russian business unit Unipro.

Germany nationalized Uniper earlier this year following Russia's decision to significantly reduce gas supplies in response to western sanctions that followed the war in Ukraine. The last week's data showed bailout cost for the German government reached $53 billion.

Baha Breaking News (BBN) / ND