Uniper Terminates Russian Gas Contracts, Awarded €13 Billion as Natural Gas Prices Jump

Jun 12, 2024, 09:00 AM

Germany's Uniper has terminated its long-term gas supply contracts with Russia's Gazprom Export following an arbitration tribunal ruling. The tribunal awarded Uniper over €13 billion ($14 billion) in damages for gas volumes not supplied since mid-2022. No gas has been delivered since the end of August 2022, but the contracts remained in place until now. The ruling gave Uniper the right to terminate the contracts and has caused European natural gas prices to jump.