The court prohibited OMV’s subsidiary from pursuing a dispute with Gazprom in international arbitration
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The Arbitration Court of St. Petersburg and the Leningrad Region upheld Gazprom’s claim (MOEX: GAZP) with a demand to prohibit the Austrian oil and gas company OMV from conducting proceedings in the International Arbitration Court of the International Chamber of Commerce. The lawsuit was filed on March 22.
In materials on website The court said that the claim was fully satisfied. In addition to the ban on conducting proceedings, Gazprom demanded compensation from OMV if the company violates the ruling of the Russian court. The amount of possible compensation has not been announced.
Gazprom Sakhalin Holdings BV is indicated as an interested party
In December 2023, Russian President Vladimir Putin signed a decree on the sale of the share of OMV and the German Wintershall Dea in joint ventures with Gazprom. Austrian company called expropriation decision and said it was considering steps to protect its rights. In February, the head of the Austrian Ministry of Energy, Leonor Gewessler stated about the intention to terminate the agreement between OMV and Gazprom.
Read more about the situation with OMV in the Kommersant publication. “On guard of fallowness”.
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