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Ukraine owes $1.8 mln to Gazprom for overdue payments under decision of Stockholm Court

December 25, 2017, 18:03 UTC+3

The current contract on gas supplies to Ukraine was signed in January 2009, and will be effective until December 31, 2019

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MOSCOW, December 25. /TASS/. Gazprom has not received money from Ukraine’s Naftogaz under the award of the Stockholm Arbitration and arrears in three days amount to $1.8 mln, Deputy CEO of the Russian holding Alexander Medvedev said on Monday on the air with Rossiya 24 TV Channel.

"We have not received either money or fine so far. Arrears are present - $1.8 mln were accumulated over three days," Medvedev said.

The Stockholm Arbitration partly canceled the Take or Pay requirement in the gas supply contract between Gazprom and Naftogaz of Ukraine because of the bankruptcy threat for the Ukrainian company, the top manager said.

"Why the Take or Pay rule is used only in part? If it is applied in full, this will lead to the bankruptcy of not merely Naftogaz company but probably for the whole Ukrainian economy. The arbitration probably took into consideration that application of the Take or Pay in full scope would be merely impossible either for Naftogaz or for Ukraine," Medvedev said.

The Stockholm Arbitration issued an award in the dispute between Gazprom and Naftogaz in the contract on gas supply to Ukraine. The court bound Naftogaz to pay $2 bln to Gazprom for already supplied gas and reduced the annual procurement under the contract to 5 bln cubic meters, keeping the Take or Pay clause for 80% of that volume.

The current contract on gas supplies to Ukraine was signed in January 2009 and will be effective until December 31, 2019.

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