Stockholm Arbitration satisfies Naftogaz claim against Gazprom

Source : 112 Ukraine

Gazprom’s “take-or-pay” claim was rejected by the Arbitral Tribunal
19:36, 31 May 2017

Chief Executive Officer of Naftogaz
Open source

The Arbitral Tribunal under the auspices of the Arbitration Institute of the Stockholm Chamber of Commerce (SCC) has delivered its separate judgement in Naftogaz-Gazprom case. This was reported by Naftogaz press service.

"The tribunal has rejected Gazprom’s “take-or-pay” claim and satisfied Naftogaz claim to make the contract price market-reflective. Furthermore, the tribunal has lifted the ban on gas re-export, which was part of the contract," the message reads.

Olena Zerkal, Deputy Minister of Foreign Affairs of Ukraine for the European Integration, also commented on the award on Facebook:

"Position appears to be: 1) “take-or-pay” condition (the lion's share of Gazprom’s claim was completely rejected; 2) restriction on re-export was annulled; 3) a revised pricing from 2014 — European price. This is a clear victory. European integration is in effect."

As it is known, Naftogaz is not buying gas from Russian monopolist since 2016.

Related: On eve of Stockholm decision: What can be considered victory for Ukraine in dispute with Gazprom?

Related: Gazprom raises money claim to Naftogaz in Stockholm court to $37 million

Related: Stockholm arbitration finished hearing on case of “Naftogaz” against “Gazprom”

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