Gazprom promised to protect its interests in arbitration with Finland

Gazprom will stop gas supplies to Finland on the morning of May 21, the suspension will last until payment is made in the manner prescribed by the decree of the President of Russia

Gazprom Export intends to defend its interests in arbitration with Finland, which has not accepted the new Russian gas payment terms, the company told RBC.

“Gazprom Export” will defend its interests in the arbitration proceedings by available means, — said the company.

«Gazprom Export» added that by the end of the working day on May 20 (the payment deadline stipulated by the contract), he had not received payment from Gasum for gas supplies in April. Therefore, until payment is made, gas supplies to the Finnish side will be suspended.

Gasum announced on May 17 that it did not accept Russia's new conditions for paying for gas and “submitted the contract to arbitration.” The company later reported that Gazprom informed her about the suspension of supplies from 7:00 Moscow time on May 21.

The Finnish gas company said it was “thoroughly preparing” to gas problems and will continue to supply fuel from other sources, in particular through the Balticconnector pipeline. It connects Finland with the Latvian gas storage facilities at Incukalns. Gasum is confident that it will be able to provide customers with gas in the coming months.

President Vladimir Putin signed a decree on gas payments in rubles for unfriendly countries at the end of March. Foreign gas companies must open two accounts with Gazprombank— in foreign currency and rubles. The foreign buyer transfers the gas fee in foreign currency, after which the bank sells it on the stock exchange and credits the funds received to the ruble account. The Russian side considers the obligations fulfilled only after they are credited to the account in Russian currency.

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The European Commission previously sent clarifications to member states, in which it explained how to pay for Russian gas without violating sanctions. Brussels clarified that opening accounts with Gazprombank does not violate the sanctions, but a foreign company, after crediting money to an account in foreign currency, must make a “clear statement” that the payment has been made and its obligations have been fulfilled.

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