Russia's gas giant Gazprom says that an arbitration suit it filed against Lithuania lost its relevance after it sold its stakes in Lietuvos Dujos (Lithuanian Gas) and Amber Grid for 164 million US dollars, more than it sought for in the arbitration case.
© Reuters/Scanpix

The Russian group said this in a comment on Friday.

After Gazprom withdrew its suit against Lithuania over the implementation of the EU's Third Energy Package, the arbitration court terminated the proceedings initiated by the Russians under the UNCITRAL (United Nations' Commission on International Trade Law) arbitration rules back in 2012.

Lithuania last autumn completed the reorganization of its natural gas sector aimed at bringing it into line with the Third Energy Package requirements and Gazprom withdrew from the Lithuanian gas business.

Gazprom claimed in its suit that Lithuania breached its bilateral investment treaty with Russia by carrying out the ownership unbundling of Lietuvos Dujos.

BNS
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