In other news, reports broke early on Wednesday that Germany’s state-owned Uniper had won an arbitration case against Russia’s Gazprom PJSC (export arm) for failure to deliver contracted volumes in the wake of the Ukraine invasion and the termination of Nord Stream flows that followed soon after. The tribunal, which took place in Stockholm on 7th June, ordered that Gazprom pay €13 billion in damages and lost revenue and added that Uniper had the right to terminate supply contracts with Gazprom, which the company opted to do just days after the ruling. This case has effectively awarded legal precedent to other European firms currently locked into long-term supply contracts with Gazprom such as Austria’s OMV and Slovakia’s Eustream, potentially tightening the supply & demand balance across the continent.

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