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Stockholm Court to pass judgement on Russian gas supplies to Ukraine before March 31

October 17, 15:05 UTC+3 KIEV
According to Naftogaz report, the Ukrainian side requests a compensation worth $22 bln from Gazprom for overpayment on gas purchases and lost earnings on transit
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KIEV, October 17. /TASS/. The Stockholm Arbitration Court is expected to award its judgement on Gazprom’s claim against Naftogaz Ukrainy and the counterclaim regarding the contract on natural gas supplies to Ukraine before March 31, 2017 as the oral hearings are over, press service of Naftogaz reported Monday.

"The oral hearings on the consolidated case on claims of Naftogaz Ukrainy and Russia’s Gazprom regarding the contract on gas supplies to Ukraine in Stockholm are over. The hearings lasted from September 25, 2016 till October 11, 2016," the report said.

"The sides are expected to submit the post-hearing brief to the tribunal in November. The final judgement of the Arbitration Institute of the Stockholm Chamber of Commerce on the contract on gas supplies is expected by March 31, 2017," Naftogaz said.

Hearings on the transit contract will begin in Stockholm in late November this year, the report said.

On June 16, 2014, Gazprom appealed to the Arbitration Institute of the Stockholm Chamber of Commerce with a request for arbitration in order to recover from Naftogaz Ukraine the outstanding debt for natural gas and interest on this debt. On the same day, Naftogaz Ukraine addressed to arbitration with the requirement of retroactive change in natural gas prices, reimbursement of all overpayments that had been made since May 20, 2011 in the amount of at least $ 6 bln. On July 21, 2014 the two cases were consolidated.

In October 2014, Naftogaz filed a second lawsuit, demanding to oblige Gazprom to pay compensations worth $3.2 bln for the reduction in transit volumes and $3 billion for a low transit rate. On March 14, Gazprom submitted specified requirements to Naftogaz to the Stockholm International Arbitration. The total amount of claims topped $31.759 bln as it included the payment for not taken volumes of gas in Q3 of 2015. Following the move, Naftogaz said it would raise its claims to Gazprom. The official application of the Ukrainian gas company dated August 2, 2016 says the amount of its claims to Gazprom stands at $26.6 bln.

According to Naftogaz’ consolidated report released on September 30, the Ukrainian side requests a compensation worth $22 bln from Gazprom for overpayment on gas purchases and lost earnings on transit.

The hearings on the dispute between Naftogaz and Gazprom have been held in the Stockholm Arbitration Court since September 25.

Kiev expects the dispute with Russia’s Gazprom on natural gas purchase contract to be finalized before the end of March 2017 and on the transit contract - before the end of June 2017.

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