Ukraine's Naftogaz claims USD 2.56 bln victory over Gazprom in Stockholm court
PR dla Zagranicy
Victoria Bieniek
01.03.2018 12:09
Gazprom will have to pay Ukranian state-owned energy company Naftogaz USD 2.56 billion after the latter won a three-year legal battle against the Russian gas monopoly, Naftogaz has said.
Naftogaz CEO Andriy Kobolyev. Photo: Campbeca/Wikimedia Commons (CC BY-SA 4.0)
According to Naftogaz, the Stockholm Arbitral Tribunal said Gazprom failed to supply Ukraine with an agreed amount of gas for transit and should pay USD 4.5 billion. But the sum was reduced by the amount the court previously said Naftogaz owed Gazprom for deliveries in 2014 and 2015, the Ukrainian energy company added.
“We are pleased that we won the arbitration case... This is an important day for the people of Ukraine and for the future of European gas markets,” Naftogaz CEO Andriy Kobolyev said.
He added that the payout expected from Gazprom “should be spent on increasing gas production inside Ukraine and on investment in improved energy efficiency at the level of consumers in Ukraine. This will improve the security of supply and give Ukrainians affordable energy”.
It is not the first time the court has ruled in favour of Naftogaz in its disputes with Gazprom.
Late last year, the court said Gazprom’s “take-or-pay” rule – which required buyers to pay for gas, regardless of whether it was delivered – was invalid, and Ukraine’s more than USD 50 billion debt was nullified.
According to Poland's IAR news agency, Ukraine has not purchased gas from Russia for over two years, receiving reverse gas flow from its western neighbours instead. (vb)