What happened
OMV Gas Marketing & Trading GmbH commenced ICC arbitration against Gazprom Export LLC in January 2023 over breaches of gas supply obligations to the German market. On November 13, 2024, the ICC tribunal awarded OMV about €230M plus interest and costs. OMV immediately moved to enforce, setting off the amount awarded against its current payments to Gazprom Export under the Austrian contract.
Why it is notable
The case is of interest for an alternative way of enforcing claims against Russian parties when Russian assets are out of reach for European creditors. Through set-off, OMV “recovered” the debt without separate court proceedings by withholding the amount from its current payments to Gazprom Export LLC.