Bulgaria's Bulgargaz Seeks €400 Million (over $430 million) from Gazprom in Arbitration

Jul 9, 2024, 02:10 PM

Bulgaria's state-owned gas supplier, Bulgargaz, has initiated arbitration proceedings against Russia's Gazprom, seeking compensation of more than €400 million (over $430 million). The claim arises from Gazprom's suspension of Bulgargaz's long-term contract in 2023, which covered 90% of the natural gas delivered by Bulgargaz to its customers. The suspension followed Russia's invasion of Ukraine, which led to a significant cut in gas supplies.