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26.7 27.25
Economy 2019-08-15T05:10:23+03:00
Ukrainian news
Naftogaz's Fine For Not Paying Gazprom For Gas Supplies On Decision Of Stockholm Arbitration Reaches USD 20 Mi

Naftogaz's Fine For Not Paying Gazprom For Gas Supplies On Decision Of Stockholm Arbitration Reaches USD 20 Million For Month

The fine of the Naftogaz of Ukraine national joint stock company for not paying Gazprom for gas supplies on a decision of the Arbitration Institute of the Stockholm Chamber of Commerce reached USD 20 million for one month, Ukrainian News Agency reports.

As at January 23, 2018, the fine of Naftogaz for not paying Gazprom for gas supplies on a decision of the Arbitration Institute of the Stockholm Chamber of Commerce of December 22, 2017, made USD 19,99 million.

As Ukrainian News Agency earlier reported, the Arbitration Institute of the Stockholm Chamber of Commerce rejected Gazprom's claims regarding the "take or pay" clause in its gas contract with Naftogaz of Ukraine, which is worth USD 56 billion in the period of 2012-2017, on December 22.

In addition, Naftogaz of Ukraine secured reduction of the mandatory annual volume of gas supplies by more than 10 times, which is in line with its import requirements.

In addition, the Arbitration Institute recognized Naftogaz of Ukraine's right to revise the contractual price to bring it in line with European market prices (at a specific hub) from April 2014. It also canceled the contract's clause that bans Naftogaz of Ukraine from re-exporting gas purchased from Gazprom.

According to Gazprom, the Arbitration Institute of the Stockholm Chamber of Commerce has obliged Naftogaz of Ukraine to pay the Russian gas monopoly over USD 2 billion for supplied gas and 0.03% of the for each day after December 22, 2017.


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