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Finland's Gasum says tribunal ruled it does not have to pay Gazprom in roubles

Published 11/16/2022, 06:00 AM
Updated 11/16/2022, 08:41 AM
© Reuters. FILE PHOTO: Model of natural gas pipeline and Gazprom logo, July 18, 2022. REUTERS/Dado Ruvic/Illustration/File photo

HELSINKI (Reuters) - Finnish energy provider Gasum said on Wednesday an arbitral tribunal had ruled it was not obligated to pay Russian gas supplier Gazprom (MCX:GAZP) in roubles.

Gasum in May took Gazprom to arbitration after the Russian group had demanded that Gasum paid in roubles for gas after Europe imposed sanctions on Moscow over Russia's invasion of Ukraine.

Gazprom shortly after stopped natural gas flows to Finland.

"According to the award, Gasum is not obligated to pay in roubles nor through the proposed payment procedure," Gasum said in a statement on Wednesday.

Gasum, which has a long-term natural gas supply contract with Gazprom, said the arbitral tribunal also mandated the two companies to continue negotiations over the dispute.

© Reuters. FILE PHOTO: Model of natural gas pipeline and Gazprom logo, July 18, 2022. REUTERS/Dado Ruvic/Illustration/File photo

Gazprom was not immediately available for comment when contacted by Reuters.

(This story has been corrected to change description of Gasum to "energy provider" from "gas grid operator")

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