Czech energy group ČEZ initiates arbitration against Russia’s Gazprom

10 February, 10:26 AM
ČEZ will sue Gazprom (Photo:REUTERS/Dado Ruvic/Illustration)

ČEZ will sue Gazprom (Photo:REUTERS/Dado Ruvic/Illustration)

The ČEZ Group of Czech energy enterprises has initiated international arbitration against giant Russian gas company Gazprom, seeking to recover damages of 1 billion Czech krona ($45 million) for underdelivery of gas, the company reported on its site on Feb. 9.

"Yesterday, Feb. 8, 2023, ČEZ, a. s. formally initiated arbitration proceedings against Gazprom export LLC by submitting a Request for Arbitration under the rules of the International Chamber of Commerce (ICC)," the message on site reads.

The ICC is located in Geneva and hosts an arbitration tribunal.

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Czech newspapers reported back in October that ČEZ Group was preparing to sue Gazprom.

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