VILNIUS- The Republic of Lithuania files a lawsuit against Russian giant Gazprom at the Stockholm arbitration.
The dispute relates to overcharged 5 billion litas (1.4 billion euros) for Gazprom gas, supplied to Lithuania in accordance with the relevant agreements.
According to the terms of privatization and gas company's Lietuvos Dujos contract in 2004, Gazprom undertook to supply natural gas to Lithuania at fair prices calculated by a formula specified in the gas supply contract singed by Lietuvos Dujos and Gazprom.
However, in 2004-2012 Gazprom gas prices significantly increased because of the changes in the gas price formula made in violation of the privatization contract.
These changes in the gas price formula were approved by board members of Lietuvos Dujos which were appointed by Gazprom and who by voting for modifications in gas supply contract may have acted not for the benefit of Lietuvos Dujos but Gazprom.
This claim is a new one but previously Lithuania had appealed to Stockholm arbitration twice over Gazprom and Lietuvos Dujos activities.
In July, 2012 the arbitral tribunal rejected all Gazprom claims for damage refund.
The Tribunal found that the aspects of gas prices application cannot be deliberated at the national court, therefore these claims are currently being expressed in the Stockholm arbitration.