RE: Punitive Damages14 Apr 2026 23:03
The amount goes up with the price of oil.
People here don't believe me but it's true.
What is the oil price doing lately?
See this from ICC1:
https://www.lse.co.uk/rns/ZEN/positive-result-in-icc-1-arbitration-against-etap-v1vocdy20wqnx1y.html
"Final Decision - Award
The Arbitral Tribunal has ordered ETAP to pay a principal amount of US$6,139,539, reflecting a revision in the price of Brent crude oil used as a basis of calculation, approximately US$2,700,000 late payment interest levied up to the day of the ICC-1 Arbitration decision, US$395,000 as reimbursement for procedural costs associated with the ICC-1 Arbitration, and US$450,000 in legal costs for a total amount of approximately US$9.7 million. "