EU respondent in one of the arbitrations brought by an oil-refining group

EU appears as a respondent in one of the three arbitrations brought by oil-refining companies belonging to Klesch Group (here, here, and here). It has been reported that the trio of ECT cases relate to the implementation of the EU Council Regulation 2022/1854 on an emergency intervention to address higher energy prices; the higher energy prices being caused principally by the lowered gas supplies in the bloc resulting from the Russian invasion of Ukraine. The disputes have been caused specifically by the adoption of windfall profit tax as introduced by the Regulation. After Nord Stream 2, this is the second ever publicly known ECT case in which the EU features as a respondent.