The recent decision of the International Chamber of Commerce (ICC) arbitration tribunal was a significant event in the field of international trade and energy.
The arbitrators recovered €57.7 million from Gazprom Export (GE) in favor of the Czech company CEZ in connection with the shortfall in gas supply in 2022. According to the arbitration’s arguments, the situation that developed three years ago was not recognized as force majeure.
Anna Zabrotskaya, Managing Partner at Nordic Star Law Offices in Russia, noted that the tribunal applied strict criteria for determining force majeure.
Details of Anna’s comment are in the Kommersant article.
Anna Zabrotskaya
Managing Partner, Attorney-at-Law