logo
German utility VNG pauses arbitration claim against Gazprom, Bloomberg News reports

German utility VNG pauses arbitration claim against Gazprom, Bloomberg News reports

Reuters26-06-2025
June 26 (Reuters) - Eastern German gas company VNG, majority-owned by utility EnBW (EBKG.DE), opens new tab, has suspended its legal action against Russia's Gazprom (GAZP.MM), opens new tab as the prospect of recovering funds dims, Bloomberg News reported on Thursday, citing people with knowledge of the matter.
VNG, which previously sourced most of its gas from Gazprom, joins other firms putting legal actions on hold, the report said.
High legal fees provide another reason for the suspension, the report added.
Reuters could not immediately confirm the report.
VNG declined to comment. Gazprom could not be immediately reached.
Uniper (UN0k.DE), opens new tab, which has been locked in a bitter legal tussle with former main gas supplier Gazprom, said last month it recouped additional claims during the first quarter.
Uniper scored a major legal victory last year when an arbitration tribunal awarded the group more than 13 billion euros ($15.22 billion) in damages for the gas volumes not supplied by Gazprom since 2022.
($1 = 0.8543 euros)
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Car finance mis-selling payout scheme could be worth billions, says FCA
Car finance mis-selling payout scheme could be worth billions, says FCA

The Independent

time25 minutes ago

  • The Independent

Car finance mis-selling payout scheme could be worth billions, says FCA

A compensation scheme to pay out drivers who were mis-sold car loans could cost as much as £18 billion, the financial regulator has said. Millions of drivers were denied payouts on Friday after the Supreme Court ruled that lenders are not liable for hidden commission payments in car finance schemes. Two lenders, FirstRand Bank and Close Brothers, challenged a Court of Appeal ruling that the 'secret' commission payments paid to car dealers as part of finance arrangements made before 2021 - without the motorist's fully informed consent - were unlawful. After the Supreme Court's decision the bulk of the claims will therefore not go ahead, with only the most serious claims eligible for compensation. The £18bn figure is a significant drop from the £45bn if the Supreme Court upheld the ruling in full. 'It is clear that some firms have broken the law and our rules. It's fair for their customers to be compensated. We also want to ensure that the market, relied on by millions each year, can continue to work well and consumers can get a fair deal,' said Nikhil Rathi, chief executive of the Financial Conduct Authority (FCA). The regulator said the final cost of the scheme would depend on its final design, which makes it difficult to estimate precisely. 'The FCA thinks it unlikely the cost of the scheme, including to run it, would be much lower than £9 billion,' it said in a statement. 'And it could be higher, up to £18 billion in some scenarios though the FCA doesn't believe these are the most likely. A total cost midway in the range, as forecast by some analysts, is more plausible.' Individuals are forecasted to receive less than £950 in compensation. The consultation for payouts is due to be launched by early October, with the first payments due to be made in 2026. Those who have already made complaints do not need to do anything further, the FCA added, and anyone who believes they were not told about commission and believes they may have paid too much should make a complaint now. The FCA warns that consumers do not need to use a claims management company or law firm for the claim. 'Our aim is a compensation scheme that's fair and easy to participate in, so there's no need to use a claims management company or law firm. If you do, it will cost you a significant chunk of any money you get,' Mr Rathi's statement added. 'It will take time to establish a scheme but we hope to start getting people any money they are owed next year.'

Labour's net-zero ‘flight tax' set to raise cost of family holiday
Labour's net-zero ‘flight tax' set to raise cost of family holiday

Telegraph

time26 minutes ago

  • Telegraph

Labour's net-zero ‘flight tax' set to raise cost of family holiday

Labour's 'flight tax' on airlines will add more than £50 to the cost of a family holiday within a decade, analysis shows. Net zero rules introduced by Sir Keir Starmer mean planes must be filled with at least 2 per cent sustainable fuel, which will rise to 10 per cent followed by 22 per cent by 2040. The Sustainable Aviation Fuel (SAF) mandate means airlines that do not comply with the green policy face heavy fines likely to be passed on in part to passengers. Costs associated with the new levy are expected to reach £4.5 billion by 2035, according to a new analysis by Public First. This works out at £12.79 per passenger per flight leaving the UK, adding £51.16 to the average overseas holiday taken by a family of four. The impact of the policy is expected to hit Britons as soon as 2027, with its cost hitting £200 million in that year. 'Ludicrous net stupid zero' By 2030, this figure will have ballooned to £1.5 million, the equivalent to £4.64 per passenger per flight – making a holiday for a family of four £18.56 more expensive. Richard Tice, the Reform UK deputy leader, told The Telegraph: 'This is yet another egregious tax on working citizens to pay for the ludicrous net stupid zero. A Reform government will scrap all this nonsense.' Greg Smith, a Tory transport minister, said: 'Labour said the transition to green aviation would cost pennies but now families are being hit with soaring ticket prices to fund Ed Miliband's net zero experiment. 'It's not just weekend getaways being priced out. It's regional airports under threat, tourism on the ropes, and British families paying the price for Labour's ideological fantasy. 'The truth is net zero by 2050 is impossible without bankrupting our country and Labour's plan to chase it will ground British families before it ever lands.' 80pc cost could be passed to consumers The Government's own impact assessment of the green mandate found that as much as 80 per cent of its cost could be passed on to consumers. Labour claims the pledge to use more sustainable fuel will support thousands of jobs while cutting the UK's transport emissions on the way to becoming a 'clean energy superpower'. The figures come as ministers were urged to relax red tape that means SAF cannot currently be made from non-food grade British-grown wheat. Phil New led the Government's independent review into the future of SAF and urged it to consider British bioethanol as a credible and scalable option. Mr New said: 'Ethanol made from British-grown milling wheat, which would otherwise be exported as animal feed, can be processed into SAF in a way that meets the emissions reductions required by the UK's standards. 'Home-grown, low-carbon aviation fuel industry' 'This is a real opportunity to create a home-grown, low-carbon aviation fuel industry that supports British agriculture, strengthens fuel security and helps us meet our climate ambitions.' Ben Hackett, managing director at Vivergo Fuels, added: 'The UK has the capability today to produce sustainable aviation fuel from home-grown non-food grade wheat – supporting British farmers, reducing carbon emissions, and improving our energy security. But outdated regulations are blocking this from happening. 'It makes no sense that ethanol from British wheat can be blended into petrol for cars, but not used to make jet fuel, especially when other countries are already moving ahead with this technology.' The analysis by Public First also found the UK could require the output of seven large-scale bioethanol plants by 2035 to meet growing domestic demand for SAF.

City regulator unveils car loan compensation scheme worth up to £18bn
City regulator unveils car loan compensation scheme worth up to £18bn

The Guardian

time26 minutes ago

  • The Guardian

City regulator unveils car loan compensation scheme worth up to £18bn

Drivers could be handed a share of between £9bn and £18bn in compensation next year, after the City regulator said it would consult on a redress scheme for consumers affected by the car finance scandal. The Financial Conduct Authority (FCA) said on Sunday that it plans to launch the redress scheme in 2026, with consumers 'starting to receive compensation next year'. 'At this stage, we think it is unlikely that the cost of any scheme, including administrative costs would be materially lower than £9bn and it could be materially higher,' the FCA said in a statement. The watchdog said that although some scenarios put the total cost as high as £18bn, it considered estimates in the mid point of this range to be 'more plausible'. In most cases individuals would receive less than £950 in compensation, it added. The regulator will start consulting on the compensation scheme by October, and plans to include motorists who were harmed by discretionary commission arrangements . These discretionary commissions, which were banned in 2021, inflated the cost of car financing by controversially allowing car dealers to earn higher commissions if they put customers on loans which earned higher interest rates for the lender. The watchdog will also consult on broader motor financing issues where motorists may have been harmed by egregious or unfair commission arrangements. It comes after a supreme court ruling on Friday largely sided with finance companies on Friday, but upheld a single case in which judges said the relationship between the lender and borrower had been 'unfair.' The supreme court case was brought by two specialist lenders, Close Brothers and South Africa's FirstRand, in an attempt to challenge the three consumers who collectively won the court of appeal case in October. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion Justices were asked to review the court of appeal ruling, which suggested nearly all commission arrangements – unless plainly disclosed and issued under full consent of the consumer – were unlawful. If upheld, it would also have meant millions of people who bought a car with finance could be owed compensation at an estimated cost of up to £44bn to lenders including Santander UK, Close Brothers, Barclays and Lloyds. The sum would have almost rivalled the payment protection insurance saga, which cost banks about £50bn.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store