Lithuania loses $1.6B compensation claim against Gazprom

STOCKHOLM – Lithuania says a Sweden-based arbitration court has rejected its 1.45 billion euros ($1.6 billion) compensation claim against Russian energy company Gazprom in a dispute over natural gas prices.

Lithuania in 2012 said it had overpaid for gas since 2004, when Gazprom obtained a major stake in the Baltic country’s largest gas importer and changed the formula for determining the gas price.

Lithuania’s government on Wednesday said the arbitration court in Stockholm dismissed that claim, saying it wasn’t possible to determine what a fair price would have been.

Prime Minister Algirdas Butkevicius said “we are disappointed by this ruling,” while noting that Lithuania has dramatically cut its Russian gas imports in recent years.

Gazprom didn’t answer calls seeking comment.

A court spokeswoman declined to comment, saying its proceedings are not public.