Summary

The Commercial Court for St. Petersburg and the Leningrad Region has issued, pursuant to Articles 248.1 and 248.2 of the Russian Commercial Procedure Code (the so-called Lugovoy Law), a ruling in connection with the arbitration proceedings being conducted by NET4GAS, s.r.o. with the aim of obtaining payment of its claims arising from contracts concluded with Gazprom Export. This is a so-called anti-arbitration ruling, which prohibits NET4GAS, s.r.o., from continuing the arbitration proceedings it has commenced and, in the event of a breach of this prohibition, requires it to pay a penalty corresponding to the principal amount whose payment NET4GAS, s.r.o. is seeking in the arbitration proceedings.

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