Ship works offshore in the Baltic Sea on the natural gas pipeline Nord Stream 2 from Russia to Germany. (Bernd Wuestneck/dpa via AP)

Gazprom Export, the export arm of the Russian gas holding Gazprom, and German traders Uniper Global Commodities SE and METHA-Methanhandel GmbH stopped arbitration proceedings on gas prices, Gazprom says in its report.

On January 30, 2018, Gazprom initiated arbitration against German companies with a request to revise prices under natural gas supply contracts.

The hearing was scheduled from January 13 to 24 of this year but the parties informed the arbitration tribunal about their intent to stop proceedings on January 10.

This is not the first arbitration proceedings between Gazprom and Uniper on gas prices. In March 2016, Gazprom and Uniper agreed to halt arbitration proceedings and adapt prices of gas supply contracts for coming years.

Source: TASS, February 14, 2020