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Gazprom appeals arbitrage ruling in dispute with Naftogaz regarding gas supply
22:52, 22 March 2018

Gazprom appeals arbitrage ruling in dispute with Naftogaz regarding gas supply

The Russian corporation is confident that judges have abused their authority when issuing the ruling and have made serious procedural mistakes.

22:52, 22 March 2018

112 Agency

On 21 March PAO Gazprom filed a motion with the Svea Court of Appeal in Sweden for the partial cancellation of the final ruling in the arbitration with Ukraine’s Naftogaz regarding gas supplies. The Russian corporation said this in a statement issued on Thursday, 22 March, Interfax-Ukraine reports.

"Since the final ruling of the arbiters in this dispute was based on the same conclusions as for the previous separate arbitration ruling, the motion was based on the fact that arbiters have exceeded their authority when issuing judgments, and on have committed serious procedural errors," the statement reads.

Related: Gazprom prepares lawsuit to International Arbitration

On 7 November 2017, Gazprom filed an appeal with the Svea Court of Appeal against an interim ruling by the Arbitration Institute of the Stockholm Chamber of Commerce in a dispute with Naftogaz regarding gas supply and the partial cancellation of the ruling.

Two arbitrary disputes between Gazprom and Naftogaz at the Arbitration Institute lasted for over three years: the dispute on the gas debt – from June 2014 to December 2017, on the transit agreement – from October 2014 to February 2018. There are less than two years left until both agreements terminate (at the end of 2019).

The Arbitration Institute of the Stockholm Chamber of Commerce has granted the lawsuit of Naftogaz as to compensation for the volumes of transit gas that had not been delivered by Gazprom on February 28. According to the decision of the court, Naftogaz got a $4,63 billion compensation for the transit gas that had been agreed on, but not delivered by Gazprom.

Related: Naftogaz to meet with Gazprom in March

As a result of two arbitrations in Stockholm, Gazprom is to pay Naftogaz $2,56 billion. The court dismissed the demands of Gazprom that stated that the money hadn’t been paid as it was considered the fines for what they called unlawfully seized by Naftogaz volumes of the transit gas. $526 000 of interest per day will be added to the debt from 1 March.

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