Gazprom faces $20.2 billion lawsuits as Europe fights back

Russia, in the early stages of its armed invasion of Ukraine, attempted to stop Europe from aiding the victims by threatening to turn off the gas taps. Europeans did not break down, which is causing Gazprom significant problems. The giant has been sued for a total of 20.2 billion US dollars.

The Kremlin's energy blackmail did not work. Let's remember that the Russian dictator Vladimir Putin, in response to Western sanctions cutting Russia off from the SWIFT system, demanded payment for gas in rubles, although the agreements stipulated otherwise. Most European countries did not give in, and the EU decided to abandon fuels sold by the Moscow regime altogether.

Putin followed through with his threat, turning off the taps, and now Gazprom is suffering. The giant lost a wealthy market, and redirecting supplies of natural gas is not as easy as with crude oil. Additionally, it faces lawsuits from customers who were illegally denied the supply of raw materials.

"Rzeczpospolita," citing Reuters and the opposition "The Moscow Times," reports that at least 19 companies from 11 countries sued Gazprom for nearly 20.2 billion US dollars. The total amount of claims against the giant has exceeded its net revenue from gas sales in all foreign markets, as estimated by BCS.