US Arbitration Corp.

Full Version: Finland's Gasum and Russia's Gazprom head to arbitration
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May 18, 2022 EU unveils $220-billion renewable energy plan to sidestep Russian gas: The European Union Commission announced a 210 billion euro plan ($221 billion) on Wednesday to boost the bloc’s target for renewable energy from 40% to 45% by 2030, as part of efforts to move away from Russian hydrocarbons.

The news comes as Finland’s main gas company, Gasum is warning that supplies could be cut off this weekend. On Tuesday, Gasum said it would not pay for Russian gas in rubles or use Gazprom’s proposed payment scheme for gas. In a statement, the company said negotiations over a long-term gas contract with Gazprom were in dispute, and it was taking Gazprom to mandatory binding arbitration to try and resolve the matter.

Status: Developing matter