Bulgaria Initiates Arbitration Against Gazprom Over Gas Contract Breach
(Reuters) — Bulgarian state gas company Bulgargaz EAD has started arbitration proceedings against Russia's Gazprom Eksport OOO, seeking compensation of 400 million euros ($432.76 million) for breach of contract in 2022, the company said on Tuesday.
The Bulgarian company launched proceedings on Monday before the Arbitration Court of the International Trade Chamber in Paris as the Russian company failed to respond to its invitation to settle.
"After the Russian side did not take action to settle the matter out of court, Bulgargaz took the necessary steps to protect the company's interests," it said in a statement.
Last year, Gazprom suspended Bulgargaz' long-term contract, which covered 90% of the quantities of natural gas delivered by Bulgargaz to customers. Gazprom stopped supplying natural gas to Bulgargaz in late April 2022.
Gazprom could not be immediately reached for comment.
Bulgaria, a European Union and NATO member joined international sanctions against Russia over its invasion of Ukraine in 2022.
($1 = 0.9243 euros)
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