The British Supreme Court has ordered a division of Russian energy giant Gazprom to drop lawsuits filed against Italian bank Unicredit over a failed gas project, Reuters reported.
Stopped LPG terminal
RusChemAlliance filed a series of lawsuits in Russian courts after Russia’s invasion of Ukraine and subsequent Western sanctions halted work on a liquefied natural gas terminal in the Baltic port of Ust-Luga.
More: Greece sues Gazprom for high prices
The company, which is half owned by Gazprom, sued Unicredit for about 450 million euros in August 2023 after the Italian bank refused to pay bank guarantees related to the project because of Western sanctions.
Unicredit filed a counter-suit in London, which prevents RusChemAlliance from continuing the business in Russia, based on the contract between the two parties, according to which any dispute must be resolved through arbitration in France.
RusChemAlliance tried to challenge this decision, but the appeal was rejected today by the High Court in London.
More: “Turkish Stream” in Bulgaria: Blind services, broken laws and destroyed archeology (VIDEO)
Check out all the latest news from Actualno.com
More from INTERNATIONAL:
Voice from the ECB: A June rate cut looks certain
The US is preparing sanctions for Chinese banks working with Russia
The price of oil reversed course – the focus remains on the Middle East
The euro maintains a psychological border against the dollar
In Germany, the panels built during the GDR are recognized as architectural monuments
Ukraine will propose a $20 billion debt restructuring plan
The decline in tensions between Iran and Israel reversed the price of oil
A new turn for the euro at the beginning of the week
What happened to Bitcoin after the long-awaited halving?
Ukraine has become a paradise for German military companies