Bulgarian gas company Bulgargaz started arbitration proceedings against Russian Gazprom, the Bulgarian company said in a press release published on its website.
In 2023, the Russian gas giant suspended long-term contract, which covered 90% of the quantities of natural gas delivered by Bulgargaz to customers.
The Russian company stopped supplying natural gas to Bulgargaz in April 2022.
Bulgargaz launched proceedings on July 8 at the Arbitration Court of the International Trade Chamber in Paris, according to the statement.
In May, Bulgargaz EAD sent the Russian company a proposal for a voluntary settlement of the Bulgarian company’s claim by their contract. But Gazprom failed to respond.
“After the Russian side did not take action to settle the matter out of court, Bulgargaz took the necessary steps to protect the company’s interests,” the Bulgarian company said.
Bulgargaz is seeking compensation worth 400 million euros because Gazprom breached the contract in 2022 by unilaterally cutting off natural gas supplies, the statement said.
