Gazprom completely stopped gas supplies to Finland From IFX

Russian gas supplies to Finland stopped on the morning of May 21, the state gas company Gasum and Gazprom (MCX:GAZP) confirmed this morning.

“As of the end of the business day on May 20, Gazprom Export has not received payment for gas supplies in April from Gasum (Finland) in accordance with Decree of the President of the Russian Federation No. 172 dated March 31, 2022. Payments for gas supplied from April 1, must be carried out in rubles using the new details, about which the counterparties were informed in a timely manner, ”Gazprom emphasizes in its message.

Gasum did not accept the demand of the Russian side with the Decree of the President of the Russian Federation No. 172 dated March 31, 2022 and in accordance with the scheme proposed by Gazprom Export. Gasum also announced that it would initiate arbitration proceedings in respect of a gas supply contract with Gazprom Export LLC.

In the following days during the 2022 summer season, the operator will supply natural gas to its customers from other sources via the Balticconnector pipeline from Estonia.

In 2021, Gazprom Export supplied Gasum with 1.49 bcm. m of gas, which accounted for 2/3 of the total gas consumption in Finland.

In November 2021, Gazprom and Gasum celebrated the 50th anniversary of the first contract for the supply of Russian gas to Finland. It was signed on November 19, 1971. Deliveries via the Leningrad-Vyborg-State Border gas pipeline began in 1974 and marked the beginning of the use of this environmentally friendly type of fuel in the country’s energy system. Finland became the third country in Western Europe to receive Russian natural gas. For half a century of cooperation, the country has imported about 130 billion cubic meters. m of gas.