Favourable Arbitration Is The Only Solution Left For PGNiG

BMI View: PGNiG's decision to file for arbitration proceedings against Gazprom over supply prices is only the most recent such case in a series of such moves between the Russian export-monopoly and its European customers. However, given Gazprom's dominant position and Poland's energy dependence, we do not expect Russia to make any concessions unless it is forced to by the arbitration court.

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