Legal battles in Europe threaten Gazprom's financial stability
Russia, in the early stages of its armed invasion of Ukraine, tried to stop Europe from aiding the victims of the invasion by threatening to turn off the gas taps. Europeans did not break down, which is causing Gazprom problems. The giant has been sued for a total of 27.6 billion Canadian dollars.
The Kremlin's energy blackmail did not work. Let's remember that the Russian dictator Vladimir Putin, in response to Western sanctions cutting Russia off from the SWIFT system, demanded payment for gas in rubles, although the agreements stipulated otherwise. Most European countries did not give in, and the EU abandoned fuels the Moscow regime sold.
Putin fulfilled his threat, the taps were turned off, and now Gazprom is suffering. The giant lost a wealthy market, and redirecting supplies in the case of natural gas is not as easy as in the case of, for instance, crude oil. Additionally, it has to face lawsuits from customers who were illegally denied the supply of raw materials.
"Rzeczpospolita," citing Reuters and the opposition "The Moscow Times," reports that at least 19 companies from 11 countries—including Poland—sued Gazprom for a total amount of nearly 27.6 billion Canadian dollars. The total amount of claims against the giant has exceeded its net revenue from gas sales in all foreign markets, as estimated by BCS.
