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Significance Gazprom’s decision to cut gas supplies to Europe in 2022 caused turmoil in the European energy market. The tribunal also permitted Uniper to terminate its existing contract with GazpromExport, marking another important milestone in Russia’s gas relationship with Europe. Other companies are pursuing compensation from Gazprom. Impacts Gazprom will not find sufficient new buyers to replace lost sales to Europe and will struggle financially as a result. The contract for the transit of Russian gas through Ukraine expires and is increasingly unlikely to be renewed. Russian LNG sales to Europe will grow slowly in the next two-to-three years but are likely to decline thereafter.
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