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Stockholm Arbitration obliges Naftogaz to pay more than $2 bln to Gazprom

December 22, 2017, 16:19 UTC+3 MOSCOW

Gazprom initiated the dispute in June 2014 after Naftogaz violated its payment terms of the agreement on purchase of Russian gas in 2008-2019

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© Maxim Nikitin/TASS

MOSCOW, December 22. /TASS/. The Arbitration Institute of the Stockholm Chamber of Commerce has summed up the dispute between Gazprom and Naftogaz of Ukraine and issued the final verdict, the Russian gas holding company said in a statement.

Gazprom initiated the dispute in June 2014 after naftogaz violated its payment terms of the agreement on purchase of Russian gas in 2008-2019.

"Despite the statements made by Naftogaz of Ukraine earlier, the arbitrators recognized the main terms of the contracts and upheld most of the requirements of Gazprom on payment for the supplied gas, which had initiated the dispute," the Russian company said.

According to the statement, on the base of a separate decision dated May 31, in its final decision, the arbitration obliged Naftogaz of Ukraine to pay $2.018 bln of overdue payments for gas supplies to Gazprom as well as interest in the amount of 0.03% for each day of overdue payment. The court also obliged Naftogaz to take 5 billion cubic meters of Russian gas annually and pay for it.

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