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24.3 24.65
26.7 27.25
Politics 2019-09-16T04:03:40+03:00
Ukrainian news
Luxembourg Court Obliges Gazprom To Pay USD 2.6 Billion In Favor Of Naftogaz Under Stockholm Arbitration Decis

Luxembourg Court Obliges Gazprom To Pay USD 2.6 Billion In Favor Of Naftogaz Under Stockholm Arbitration Decisions

A Luxembourg court has ordered Gazprom (Russia) to pay USD 2.6 billion to the Naftogaz of Ukraine National Joint Stock Company based on two arbitration proceedings at the Arbitration Institute of the Stockholm Chamber of Commerce (Sweden).

This is stated in the financial report of Gazprom, Ukrainian News Agency reports.

The company also notes that it does not agree with the decisions of the arbitration and disputes them.

As Ukrainian News Agency earlier reported, the Amsterdam Court of Appeal and a district court in Luxembourg dismissed the appeals that the Gazprom gas company (Russia) filed against enforcement of the decision of the Arbitration Institute of the Stockholm Chamber of Commerce (Sweden) in a dispute over the gas transit contract between Gazprom and the Naftogaz of Ukraine national energy company.

The High Court of England and Wales (London) suspended proceedings on enforcement of the Stockholm arbitration decision in England and Wales in March.

Naftogaz of Ukraine has stated that it is willing to reduce the size of its claim against Gazprom at the Arbitration Institute of the Stockholm Chamber of Commerce from USD 12 billion to USD 2 billion if a long-term contract for transit of natural gas through Ukraine is concluded.

Naftogaz of Ukraine’s Board Chairman Andrii Kobolev has said that the company is willing to withdraw or amend the claim it filed against the Gazprom at the Arbitration Institute of the Stockholm Chamber of Commerce over their contract for transit of natural gas through Ukraine if a long-term contract for gas transit is concluded.

Naftogaz of Ukraine filed a claim with the Arbitration Institute of the Stockholm Chamber of Commerce on July 6, 2018, asking the Arbitration Institute to revise the gas transit tariff under its contract with Gazprom, and tentatively assessed its monetary claim at USD 11.58 billion, excluding interest.

The Arbitration Institute of the Stockholm Chamber of Commerce ruled in favor of Naftogaz of Ukraine on February 28, 2018, in a dispute in which it claimed USD 4.63 billion from Gazprom as compensation for failing to deliver the agreed volumes of natural for transportation on transit through Ukraine.

According to Naftogaz of Ukraine, the net payment that Gazprom will have to make to it is USD 2.56 billion since the arbitration institute previously ordered Naftogaz of Ukraine to pay Gazprom for gas supply arrears.

Больше новостей о: court Naftogaz Gazprom Stockholm Arbitration Luxembourg court

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