Russian producer Gazprom has started complying with a court order ordering it to give Poland’s state gas company a fair deal.
Polish Mining and Gas Extraction Company (PGNiG) won a ruling from an international arbitration court in Stockholm at the end of March. The tribunal agreed that Russia had unfairly hiked prices over previous months by $1.5bn.
Gazprom had continued to invoice PGNiG at the original rate, until it adjusted the invoices near the end of April. However, it still owes the company the original $1.5bn.
A PGNiG company spokesperson stated: “Gazprom declared it will adjust the invoices issued for March and April. The declaration has met the expectations of PGNiG concerning full and immediate fulfillment of the Court of Arbitration’s verdict.”