Contents tagged with Stockholm Arbitration Court

  • Gazprom offers to settle $2.6 billion dispute with Naftogaz of Ukraine

    The Russian state-controlled gas monopoly Gazprom has offered to sign a settlement agreement with the Ukrainian oil and gas company Naftogaz in order to resolve a long-standing dispute, Russian Energy Minister Alexander Novak told the press.

    In February 2018, the Stockholm Arbitration Institute ordered Gazprom to pay Naftogaz $4.63 billion for failing to supply the volumes of gas stipulated in their transit agreement. Since previously the arbitrators had ordered Kyiv to pay Gazprom $2 billion …

  • Stoltenberg: NATO will continue to support Ukraine

    In the annual report published on NATO’s website on March 14, 2019, NATO Secretary General Jens Stoltenberg  stated the members of the North Atlantic Treaty Organization reaffirm their decisions regarding Ukraine’s desire to join the alliance.

    “In light of Ukraine’s restated aspirations for NATO membership, the Allies also stand by their decisions taken at the Bucharest Summit and subsequent Summits,” stated the section “NATO’s Open Door.”

    The NATO Secretary General recalls that the Alliance …

  • Ukraine reduced gas imports by 25% in 2018

    Ukraine imported 10.59 million cubic meters of gas in 2018. This is 24.6% or 3.46 billion cubic meters less than 2017 when gas supplies exceeded 14 billion cubic meters, according to the data of gas transmission company, Ukrtransgaz. 

    In 2018, gas was imported solely from Europe because gas supplies from Russia had been suspended since November 25, 2015 when Naftogaz found Russian Gazprom’s prices unreasonably high. In 2018 Ukraine imported 6.4 billion cubic meters of gas from Slovakia, 3.4 …

  • Naftogaz claims Gazprom owes Ukraine more than $12 billion

    Naftogaz of Ukraine’s new claims against Russian Gazprom under the Stockholm arbitration increased within four months, from $11.6 billion to over $12 billion, reported Interfax, citing Naftogaz CEO Yuriy Vitrenko.

    “We shall recover all the money from Gazprom according to the previous decisions of the arbitration court. We have already recovered $2.1 billion in gas and $18 million in cash. We will also collect the remaining $2.6 billion,” emphasized Vitrenko.

    On June 6, 2018,  Naftogaz filed a …

  • Ukrainian Naftogaz recovered first millions from Gazprom

    Naftogaz is holding $9 million of the debt owed by Russian company Gazprom, based on the decision of the Stockholm arbitration, reported the press service for Naftogaz.

    The company reminded that the Stockholm arbitration formula for gas pricing was changed, which resulted in lower service rates and general transit cost.

    Naftogaz was clarified that Gazprom deliberately refuses to implement the decision of the arbitration and continues to pay the price set by Naftogaz.

    “Thus, Naftogaz has …

  • Poroshenko: Russia will have to pay everything it owes to Ukraine

    Ukrainian President Petro Poroshenko stated that “Russia will have to pay according to the decision of the Stockholm Arbitration court. All the funds won by Ukraine in the courts against Russia will be returned to Ukraine."

    Ukraine had recently won a gas transit contract dispute against Russia in the Stockholm Arbitration Court.

    “We applied to the Stockholm court and won $4.6 billion. They should not expect that this amount will never be paid to Ukraine in full. Our country will receive even …

  • Naftogaz: Gazprom owes Ukraine more than $2.6 billion

    The fine for the Russian Gazprom for failure to comply to the Stockholm decision in the case against Naftogaz Ukraine, has reached $110 million,  stated at a press conference the Director for Business Development at the National joint-stock company Naftogaz of Ukraine Yuriy Vitrenko, reports Ukrinform.

    “By our calculations, the amount for compensation that Gazprom needs to pay us, already exceeds $110 million,” stated Vitrenko. Therefore, Gazprom must pay Ukraine more than $2.6 billion,"  …

  • Russia's gas conglomerate Gazprom removes the list of subsidiaries from its website

    The list of subsidiaries and affiliates disappeared from the website of Gazprom, reported Deutsche Welle.

    Previously, the list contained 161 companies, including defunct companies and technical structures. At the moment, the page of subsidiaries reports that “the list of organizations controlled by Gazprom JCS is published in the Quarterly Report”.

    In February 2018, the Stockholm Arbitration Court obliged Gazprom to pay the Ukrainian company Naftogaz US $4.63 billion for the pumping of 110 …

  • Ukrainian President confident Russia will pay all damages for Ukraine's gas contract losses

    Ukrainian President Petro Poroshenko expressed confidence that Russia would pay for all damages regarding the gas contracts. According to him, Stockholm Arbitration Court estimated Kyiv’s losses from the termination of contracts at $4.6 billion, 112 Ukraine channel reports.

    Poroshenko also recalled that several days ago passed the thousandth day that Ukrainians have been living without Russian gas because of the embargo. “The Russians will not bring us to our knees with its gas ligature and …

  • Ukraine's Naftogaz appeals suspension of court decision in Gazprom's case

    Naftogaz of Ukraine has appealed to the Stockholm Court of Appeal regarding the suspension of the ruling of the Stockholm Arbitration Court, which was done at Gazprom’s request, reported RIA Novosti, citing the Stockholm Court of Appeal.

    Naftogaz submitted an appeal to review – as a soon as possible – the decision to suspend the implementation of the February 28, 2018 ruling of the Stockholm Arbitration Court concerning the dispute between Naftogaz and Gazprom. It was explained that Naftogaz …