Gazprom ordered to pay Kc1bn to CEZ for reduced gas supplies

Russia’s Gazprom must pay over Kc1bn to Czech energy group CEZ for cutting agreed gas supplies in 2022, according to an arbitration ruling by the International Chamber of Commerce (ICC), CEZ spokesman Ladislav Kriz said. CEZ initiated arbitration in Geneva last year after Gazprom failed to meet contractual obligations. The dispute arose following Russia’s invasion of Ukraine in February 2022 and subsequent EU sanctions. If Gazprom does not comply, CEZ plans to enforce the ruling.