Gasum has a long-term natural gas supply contract with Russian Gazprom Export. Last April, Gazprom Export presented Gasum with a demand that the payments agreed in the supply contract should be paid in rubles instead of euros. Gasum did not accept this demand. In addition, the companies had a significant disagreement regarding certain other demands made based on the agreement. Due to these reasons, Gasum referred the matter to arbitration in accordance with the supply contract. Gazprom Export ceased gas supplies to Gasum in May.

On November 14, the arbitral tribunal issued an award in the matter. According to the award, Gasum is not obligated to pay in rubles nor though the proposed payment procedure. Furthermore, the arbitral tribunal ordered Gasum and Gazprom Export to continue their bilateral contract negotiations to resolve the current situation. Natural gas deliveries from Russia in accordance with Gasum’s supply contract will not continue for the time being.

Gasum will not comment on the case further during the negotiations.