European Gas Rises After Uniper Breaks Ties With Gazprom [Financial Post (Toronto, Ontario, Canada)]
OMV AG BEARER SHS S/ADR (OMVKY)
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — European natural gas prices jumped after Germany's Uniper SE was awarded over €13 billion ($14 billion) in damages for unsupplied volumes from Gazprom PJSC, adding uncertainty over remaining fuel flows from Russia. Benchmark futures rose as much as 2.9% after the news was announced Wednesday. While Uniper itself hasn't received gas from Russia since 2022, other states in Europe continue to rely on deliveries from the country, with Austria's OMV AG warning recently that court rulings risk disrupting supplies. Article content While Europe has branched out its network of suppliers since the energy crisis that battered its economy in 2022, the market remains fragile to unexpected disruptions. Austria still imports around 80% of its gas from Gazprom. In a worst case scenario, if Gazprom doesn't pay the damages and the ruling by the Stockholm-based tr
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