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India Today
2 days ago
- Business
- India Today
DY Chandrachud takes key role in German energy firm vs Russia dispute
In a significant development in the ongoing arbitration between German energy company Wintershall and Russia, former Chief Justice of India DY Chandrachud has been designated as the appointing authority under the Energy Charter Treaty, a multilateral pact that works under a framework for cooperation in the energy Chandrachud, who demitted office as the Chief Justice in November 2024, is widely regarded for his contributions to constitutional law and international philosophy of law. His appointment signals the continued involvement of eminent jurists from diverse legal traditions in resolving high-stakes international investment development came following the resignation of Eduardo Siqueiros as the appointing authority on May 22, 2025. The designation of the appointing authority comes under the rules of the Permanent Court of Arbitration (PCA), which frequently provides administrative support in disputes between investors and states under the Energy Charter Treaty April this year, Wintershall moved the ECT tribunal seeking an anti-suit injunction directed against the Russian court proceedings, in response to which Moscow had asked for a short suspension of arbitration proceedings also offering that the court proceedings in Russia would be of the arbitrators in the case resigned after Russia didn't accommodate his request to terminate its injunction proceedings and ensure that the ECT tribunal and arbitration counsel were immune from prosecution in was followed by another procedural order in May where the truncated ECT tribunal agreed to temporarily suspend arbitration proceedings conditional on termination of Russian injunction proceedings. It was also stated that such proceedings amounted to a breach of the arbitration a May 24 order, the two arbitrators directed that the case resume, and Moscow was ordered to terminate the Russian injunction proceedings immediately and not file proceedings that would jeopardise the arbitration's per December 2023 Russian decrees, Wintershall Dea's stakes in the Yuzhno-Russkoye oil and gas condensate field and the Achimov gas projects were given back to newly-created Russian companies and offered for sale to Gazovyye company had initiated arbitration proceedings against Russia, which had repeatedly protested against such cases, saying they should have been considered only in Russian on one hand, the state has filed a challenge against the two remaining arbitrators, and on the other, Wintershall, in this case, has sought the move of the seat of arbitration from Dubai to per the arbitrator's latest order, the decision regarding seat relocation was deferred until either the reconstitution of the tribunal, or resolution of Russia's challenge against the two arbitrators, whichever is the ECT, the appointing authority plays an important role and has responsibilities, including facilitation of the constitution of the arbitral tribunal, particularly in case of disagreements between DY Chandrachud served as the Chief Justice of India from November 2022 to November 2024 and was succeeded by Justice Sanjiv Khanna, who also retired last Reel
Reuters
17-04-2025
- Business
- Reuters
Russia threatens Germany's Wintershall Dea with 7.5 bln euro fine, news agencies report
MOSCOW, April 17 (Reuters) - Russia's General Prosecutor's office has submitted a claim in a Moscow court against Germany's Wintershall Dea, threatening a fine of 7.5 billion euros ($8.5 billion) in case it pursues international arbitration, news agencies reported on Thursday. The Moscow Arbitration Court's website showed a claim against the company, as well as Aurelius Cotta, a law firm specialised in international arbitration, and three international arbiters, without disclosing details. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. A spokesperson for Wintershall Dea in Germany said: "We have heard of the claim through the media. Please understand that we will not comment on the matter." Britain's Harbour Energy (HBR.L), opens new tab last year acquired most of Wintershall Dea's exploration and production activities except some assets, most notably the group's Russian-related activities and its 15.5% stake in the defunct Nord Stream 1 pipeline. Wintershall Dea's exit from Russia, announced over Russia's invasion of Ukraine in 2022, was an uneasy process. Under Russian decrees from December 2023, Wintershall Dea's stakes in the Yuzhno-Russkoye oil and gas condensate field and in the Achimov gas projects were reverted to newly-created Russian companies and offered for sale to Gazovyye Tekhnologii, formalising the loss of control that BASF ( opens new tab and Wintershall Dea had flagged since January 2023. The company had initiated arbitration proceedings against Russia, which had repeatedly protested against such cases, saying they should have been considered only in Russian courts. ($1 = 0.8794 euros)
