Czech company ČEZ has initiated an arbitration claim against Gazprom — the company's statement

ČEZ seeks to compensate for the losses incurred due to the shortage of natural gas supplies by Gazprom in 2022. The company estimates losses at approximately CZK 1 billion.

The arbitration is located in Geneva and will be heard by a three-member tribunal.

As a reminder, in June, the Czech Republic signed nuclear fuel supply agreements with France and the United States to reduce its energy dependence on Russia.

"Our goal was to diversify the number of suppliers to minimise the risk of possible supply disruptions for any reason," said Ladislav Štěpánek, Director of the Fuel Cycle Department at ČEZ Group.