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Gazprom owes additional $100 million to Naftogaz for non-implementation of arbitrage decision

Back in February, “Naftogaz” obtained the compensation in the sum of $4,63 billion in the Stockholm Arbitration for the shortage of the negotiated volumes of the gas for the transit by “Gazprom”
15:00, 4 September 2018

112 Agency

The sum of the penalties for the non-implementation of the decision of the international arbitration by the Russian “Gazprom” is $100 million. Yury Vitrenko, the Commercial Director of the Ukrainian “Naftogaz” claimed this as 5 TV Channel reported.

“It is already about $100 million of the penalties or percent,” the “Naftogaz” said.

Related: Gazprom experiencing difficulties borrowing abroad due to assets frozen in Naftogaz lawsuit – media

According to Vitrenko, if the expenses for the judicial officers are count, then the issue is about hundreds of millions of dollars that should be paid by “Gazprom” in addition to the debt in the sum of $2,5 billion.

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. 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.

Related: Settlement of issues ruled by Stockholm court with Gazprom is impossible – Naftogaz-Ukraine

Had Naftogaz lost, it would have equaled the debt of $5,460 for each Ukraine family, the press service of the company counted. However, with this win, it would mean an additional $185 for each family. They also achieved a $0,5 billion reduction in the Gazprom’s gas price for 2018.

Although, after the decision of the Stockholm arbitrations, against its sake, Gazprom stated on the initiation of contracts termination on the gas supply to Ukrainian Naftogaz. After that, all assets of Russia's energy monopolist Gazprom, located in Ukraine, were moved to this country's state budget.

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