Naftogaz Ukraine and Gazprom didn’t agree upon a formula to set gas prices, so the final decision will be made by the Arbitration Institute of the Stockholm Chamber of Commerce, as Naftogaz Head Andriy Kobolev told Channel 5.
“We held negotiations with Gazprom on gas sale. They have ended recently, and based on their results we are going to the Arbitration Institute in order to receive a final decision on the new formula, and some other aspects on the further work with this company,” he said.
He noted that no progress was made during the negotiations.
“I can’t disclose many details, because the negotiations were closed. I’d say delicately: we didn’t make the progress Stockholm was counting on,” Kobolev added.
Since 2014 two cases are handled in Stockholm. Ukraine demands $50 billion in total. Both of the cases are on the contract on gas delivery, which was signed in January 2009 after the negotiations of at the time Ukraine’s Prime Minister Yulia Tymoshenko and her counterpart Vladimir Putin.