Gasum has a long-term gas supply contract with Russian Gazprom Export, the details of which the companies have been negotiating since autumn laste year. In April, Gazprom Export sent Gasum a letter, requirering that going forward the payments agreed in the supply contract should be made in rubles instead of euros. In addition, Gazprom Export has made other claims on Gasum regarding the supply contract.

Gasum does not accept Gazprom Export’s requirement to switch to ruble payments and will consequently not make payments in rubles or under Gazprom Export’s proposed payment arrangement. In addition, the companies are in significant dispute concerning other claims submitted under the contract.

Overall, this is something that Gasum cannot accept and has decided to take the disputes regarding the supply contract to arbitration based on arbitration in the contract. The matter will be considered in arbitration.

Gasum considers there to be an increased risk of the natural gas supply in accordance with the existing supply under the existing supply contract being halted, and consequently the import of natural gas from Russia to Finland might end. Gasum has been preparing for this situation together with its customers and the national authorities. During the coming summer season, Gasum will aim to ensure the availability of natural gas for its Finnish customers through the Balticconnector gas pipeline. However, constraints on transmission capacity can make this challenging.

“In this situation, Gasum had no choice but to take the contract to arbitration. In this challenging situation, we will do our utmost to be able to supply our Finnish customers with the energy they need,” says Mika Wiljanen, CEO of Gasum.