CEZ initiated the sharp phase of arbitration against Gazprom

On February 8, 2023, CEZ formally initiated arbitration against Gazpromexport LLC by filing a Request for Arbitration under the arbitrationrules of the International Chamber of Commerce ICC. Upon establishmentof the full tribunal and the handling of other procedural matters, thearbitration has yesterday moved to the next phase in which the tribunalwill consider the claim_#8212;CEZ has sent a detailed Statement of Claim tothe tribunal wherein it has also specified the amount claimed, which onthe basis of expert reports exceeds CZK 1 bn.

CEZ is claiming compensation for damages resulting from the reduction ofnatural gas supplies in 2022 by Gazprom export LLC. The Geneva-basedarbitration will be conducted by a three-member arbitral tribunal.