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Gazprom already applied to arbitration to terminate contracts with Naftogaz

Gazprom already applied to arbitration to terminate contracts with Naftogaz

Naftogaz had demanded multi billion dollars in claims from Gazprom for failing to pump a certain volume of gas per year through Ukraine, Reuters reported.

The row represents a new front in a long-running legal battle, a by-product of broader political tension following Russia's annexation of Crimea in 2014 and support for separatists in eastern Ukraine.

The Stockholm Arbitral Tribunal has ordered Russia's Gazprom to pay $4.63bn in damages to Ukraine's state natural gas company Naftogaz in a gas transit lawsuit.

He also stressed that since March 1, gas supplies have not restarted.

The head of Naftogaz, Andrei Kobolev, said on Twitter that the decision marked "an important day for the Ukrainian people and the future of European gas markets", while Ukrainian President Petro Poroshenko congratulated Ukrainians and called the ruling "a convincing and historic victory!"

On March 1, Gazprom refused to supply gas to Ukraine in March 2018, having returned to Naftogaz a corresponding prepayment. "This will improve security of supply and give Ukrainians affordable energy", Kobolyev added.




Ukraine notified the European Union (EU) for an early warning for a crisis in the energy sector because of Gazprom's refusal to comply with the Stockholm arbitration court decision.

"The arbitrators explained their decision with the sharp deterioration in the state of the Ukrainian economy". Since November 2015, Kiev has not bought Russian gas, replacing it with reverse gas from Europe.

The court also ruled that part of the price Naftogaz was supposed to pay would be reduced.

All of these terms relate to gas that Ukraine buys for its own use. In addition, most of the gas storage facilities to hold a reserve of gas ahead of the winter heating season are located on Ukraine's territory, not Russia's. We take their gas, sell it on the stock exchange and get money. Of $17 billion (R202.82bn) claimed by Naftogaz, the court satisfied the claims for $4.673bn.

On Thursday, Gazprom said the latest court ruling meant it was obliged to pay $2.56 billion to Naftogaz. Summing the two awards, Gazprom has been left with a bill of $2.56bn.

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