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Politics 2019-01-15T04:10:26+02:00
Ukrainian news
Gazprom Files For International Arbitration Over AMCU Fine Of USD 6 Billion

Gazprom Files For International Arbitration Over AMCU Fine Of USD 6 Billion

The Gazprom gas company (Russia) has launched international arbitration proceedings over the fine of more than USD 6 billion that the Antimonopoly Committee of Ukraine (AMCU) imposed on the company.

Gazprom announced this in a statement, the Ukrainian News Agency reports.

“In accordance with the UNCITRAL arbitration rules, Gazprom initiated arbitration proceedings against Ukraine today with the goal of safeguarding its investments on its territory following the decision by Ukraine, represented by the AMCU, to impose an unjustified and unfair fine in excess of USD 6 billion (including penalties) on Gazprom for allegedly abusing its monopoly position on the Ukrainian gas transit market. The monetary fine and Ukraine’s subsequent actions to recover the fine violate Gazprom’s rights guaranteed under the agreement between the government of Russia and the Cabinet of Ministers on Promotion and Mutual Protection of Investments that was signed on November 27, 1998," the statement said.

Gazprom is seeking monetary compensation and other legal remedies.

As Ukrainian News Agency earlier reported, in October 2017, the Kyiv Economic Court authorized collection of the UAH 172 billion in fines and penalties that the Antimonopoly Committee imposed on Gazprom.

The Antimonopoly Committee fined Gazprom UAH 85.966 billion on January 22, 2016, for abusing its monopoly on the market of transit of natural gas through Ukraine during the period of 2009-2015.

The Antimonopoly Committee of Ukraine filed a lawsuit with the Kyiv Economic Court on October 5, 2016, asking the court to forcibly recover about UAH 172 billion in fines and penalties.

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