Finland’s Gasum terminates Gazprom pipeline contract

Gasum, the main Finnish state-owned gas distribution company, has decided to terminate its natural gas purchase contract with Gazprom Export, Gazprom's export subsidiary in Russia. This decision follows an ongoing dispute over payments and interruptions in pipeline gas deliveries since May 2022.

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Gasum, a Finnish state-owned gas distribution company, announced on Monday that it had terminated a contract to purchase natural gas from Gazprom Export via pipelines from Russia. In May 2022, Gazprom had halted pipeline deliveries of natural gas to Gasum due to a dispute over payments, and the two parties were in talks to resolve the issue.

Unresolved dispute

Gazprom Export has confirmed that it has received a notice of termination of the contract. “Gazprom Export LLC confirms that it has received a notification from the Finnish company Gasum regarding the termination of a long-term contract for gas supply via pipeline. The company is legally analyzing the next steps in this case,” Gazprom said.

Gazprom has demanded that European countries pay for Russian gas supplies in rubles because of sanctions imposed following Moscow’s invasion of Ukraine, which Finland has refused to do. An arbitration panel ruled last November that Gasum was not obliged to pay in rubles, but ordered both parties to negotiate to resolve the situation.

“The parties failed to resolve the situation within the time limit set by the arbitral tribunal and, as a result, Gasum has terminated the long-term natural gas supply contract,” the Finnish company said in a statement. The termination is only for pipeline supply, Gasum said. “The long-term liquefied natural gas (LNG) supply contract that Gasum has with Gazprom Export remains in force,” the Finnish company added.

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