Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Polish court dismisses $7.6 billion fine against Gazprom and partners

EditorRachael Rajan
Published 10/26/2023, 10:49 AM
Updated 10/26/2023, 10:49 AM
© Reuters.

In a significant development, the Polish Court of Appeal has dismissed an appeal by the Office of Competition and Consumer Protection (UOKiK) against Gazprom (MCX:GAZP) and its European partners related to the construction of Nord Stream 2, as reported by Puls Biznesu today. This decision rescinds a previously imposed fine of $7.6 billion on Gazprom and five other European companies, including Engie, Uniper, Wintershall Dea, OMV, and Shell (LON:SHEL).

The penalty was initially levied in 2020 for Gazprom's infringement of competition laws when it formed a company to build and manage the Nord Stream 2 gas pipeline without UOKiK's pre-approval. The fine represented 10% of Gazprom's annual turnover and extended to its five EU partners.

However, the court of first instance upheld its decision in November 2022, leading to the overturning of fines and absolving Gazprom from paying billions associated with Nord Stream 2. This dismissal represents a significant victory for Gazprom and its partners.

The Nord Stream 2 pipeline, constructed by Gazprom and various European firms from 2011-2021, runs alongside Nord Stream 1 on the Baltic Sea floor, which was the primary route for Russian gas to the EU. A sabotage attack in September 2022 disrupted both pipelines, halting Russia's gas supplies to Germany via Nord Stream 1. Meanwhile, Nord Stream 2 remains non-operational due to licensing issues with Germany.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.