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Gazprom does not plan to appeal against Stockholm Court decision on dispute with Naftogaz

Earlier, Gazprom CEO Alexei Miller estimated the amount of recovery from Naftogaz in favor of Gazprom at $1.7 bln

ST. PETERSBURG, January 15. /TASS/. Gazprom does not plan to appeal against the decision of the Stockholm Arbitration Court on the dispute with the Ukrainian Naftogaz, Deputy Chairman of Gazprom Management Committee Alexander Medvedev told reporters.

"The decision of the arbitration court is in effect. Why?" he said, answering a question about a possible appeal.

Earlier on December 22, 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 Court 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 bln cubic meter of Russian gas annually and pay for it.

Gazprom noted that in a separate decision dated May 31, 2017, the arbitration agreed with Gazprom's arguments and rejected the key claims of Naftogaz of Ukraine. In particular, the court stated that Naftogaz of Ukraine had no right to review the price of gas for the period from May 2011 to April 2014 and to recover the overpayment in the amount of about $14 bln for gas for the period from May 2011 to April 26, 2014.

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The court also noted that neither European nor Ukrainian antimonopoly legislation should be applied to the contract.

The court also ruled to introduce the binding "take-or-pay" provision until the expiration of the contract.

Earlier, Gazprom CEO Alexei Miller estimated the amount of recovery from Naftogaz in favor of Gazprom at $1.7 bln.

On May 31, 2017, the Stockholm Arbitration made an interim decision on the lawsuit of Gazprom vs Naftogaz. According to Naftogaz, the arbitration court canceled the "take-or-pay" demand to Ukraine, canceled the ban on gas re-export and revised the gas price formula from 2014, which will now be tied to the prices at European gas hubs. Gazprom, however, did not confirm this information.

The hearings in the case of Naftogaz vs Gazprom in the Stockholm Arbitration ended on October 10.

The current contract for the supply of gas to Ukraine was signed by Gazprom and Naftogaz in January 2009 and is calculated until December 31, 2019. Under the agreement between the companies, the volume of supplies was to be 40 bln cubic meters of gas in 2009, and starting from 2010 - 52 bln cubic meters annually.

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