Naftogaz wins arbitration against Gazprom: compensation exceeds USD 1.3 billion

The Naftogaz of Ukraine national joint stock company has won an international arbitration against russia's Gazprom. A tribunal in Switzerland ruled that the russian monopolist must pay the Ukrainian side USD 1.37 billion.

This was announced on Monday, June 23, by the Chairman of the Board of the NJSC Serhii Koretskyi.

According to him, since May 2022, Gazprom has refused to fulfill its contractual obligations, in particular the provisions on the take or pay principle - that is, it has stopped payments for reserved volumes.

"We have a final decision: the tribunal from Sweden, Switzerland and Israel has fully sided with Naftogaz," Koretskyi said.

Naftogaz filed a lawsuit in September 2022. The russian federation tried to block the process through its own courts, but to no avail. Now the Ukrainian company plans to focus on the actual collection of the awarded funds:

"The next step is to ensure the implementation of the decision," added the chairman of the board of NJSC.