Gazprom has stopped the supply of gas to Finland

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AK&M 23 May 2022 10:30

Gazprom has completely stopped gas supply to Gasum (Finland) due to non-payment in rubles. As of the end of the working day on May 20, Gazprom Export has not received payment for gas supplies in April from the company. This is stated in the company's message.

Recall that payments for gas supplied from April 1 should be made in rubles using new details, which the counterparties were informed about in a timely manner.

In 2021, Gazprom Export supplied 1.49 billion m3 of gas to Gasum, which accounted for 2/3 of the total gas consumption in Finland.

At the same time, on May 17, the Finnish company announced that it would initiate arbitration proceedings regarding a gas supply contract with Gazprom Export LLC. The company also stated that it does not intend to make payments in rubles in accordance with the decree of the President of the Russian Federation and in accordance with the scheme proposed by Gazprom Export.

Gazprom Export has notified Gazum of the suspension of gas supplies starting from May 21, 2022 and until the payment is made. Gazprom Export will defend its interests in arbitration proceedings by available means, the company noted.

PJSC Gazprom (TIN 7736050003) is the world's largest gas company. The authorized capital of Gazprom is 118.367 billion rubles. Issued 23673512900 ordinary shares with a par value of 5 rubles. The number of Gazprom shareholders in Russia and abroad is several hundred thousand. Over 50% of the company's shares are under the control of the Russian Federation. The depository of the ADR Gazprom program is The Bank of New York Mellon.

Gazprom's profit under IFRS for 2021 amounted to 2.16 trillion rubles. compared with 162.4 billion rubles a year earlier. EBITDA increased by 151% to RUB 3.68 trillion. Net revenue from gas sales increased by 85% to RUB 5.65 trillion from RUB 3.05 trillion. Net revenue from the sale of oil and gas processing products increased by 44% to 2.59 trillion rubles. Net revenue from the sale of crude oil and gas condensate increased by 81% to 882.15 billion rubles.