OREANDA-NEWS. Stockholm court has rejected GNSS’s action for $1bln lost profit recovery by Techsnabexport. The Stockholm Court of Arbitration dismissed an action of Global Nuclear Services Supply (GNSS) against Techsnabexport (Tenex), reports a reliable source. GNSS demanded that Tenex should recover its lost profit worth almost $1bln.

A source from Rosatom has confirmed this report. “Yes, we know that. Moreover, the court has ruled that GNSS should pay $5mln to Techsnabexport so it can recover its court expenses”, says the spokesman of Rosatom Sergey Novikov.

Formerly, GNSS was an intermediary in US-Russian HEU Agreement. It was Techsnabexport’s commercial agent on the US market and sold the natural component of the low-enriched uranium supplied to the US in the framework of the HEU Agreement. On Jan 1 2004 Techsnabexport severed its relations with GNSS because further supplies would make HEU disposition impossible.

The HEU Agreement is valid till 2013. A total of 500 tons of Russian highly-enriched uranium derived from almost 20,000 warheads should be downblended into commercial low-enriched uranium and used as fuel for electricity production. The produced LEU is supplied to the US, while the natural uranium is sent back to Russia.