Gazprom's refusal to supply gas to Naftogaz deprives it of right to take or pay in 2018

Source : 112 Ukraine

The cost of this error for the management of Gazprom is potentially hundreds of millions of dollars
23:33, 1 March 2018

112 Agency

The refusal of Gazprom to supply gas to Naftogaz of Ukraine in accordance with the prepaid payment deprives the Russian company of the right to take or pay measure in 2018. This was stated by the head of the Naftogaz Andriy Kobolev on the air of Channel 5.

Commenting on the possibility of Russian gas supplies to Ukraine in March, Andriy Kobolev said:

"It's hard to say whether they (gas supplies, - Ed.) will be or not, because our understanding of the situation is very simple. This is not Gazprom's decision. From what they did today, and they did two things - they did not fulfill their obligations under the contract that the previous tribunal reviewed, which automatically means that they will no longer be able to demand from us this year to take or pay. The cost of this mistake for Gazprom's management is potentially hundreds of millions of dollars," noted the head of the board.

Related: Russia considering withdrawal from Council of Europe because of ECHR judgments, - media

"We do not have to buy 4 billion cubic meters, and it's not our fault, these are Gazprom's actions that contradict the contract, which contradict the decision of the tribunal, which contradict the spirit of the client-supplier relations and which, I think, will cost Gazprom, many political problems in Europe, "Kobolev added.

On February 28, the Stockholm Arbitration Court satisfied Naftogaz's claims on the suit against Gazprom. Naftogaz achieved compensation in the amount of $ 4.63 billion for Gazprom's failure to deliver agreed volumes of gas for transit. Also, Gazprom must pay 2.56 billion dollars in favor of Naftogaz. For the debt an interest will be charged - 526 thousand dollars a day, starting from March 1.

However, Gazprom does not agree with the decision of the Stockholm Arbitration to pay compensation to Naftogaz.

In this regard, Ukraine sent a note to the EU on the use of an early warning mechanism for crisis situations in the energy sector.

Related: Security and Defense Council prolongs sanctions against banks with Russian capital

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