Russia's Gazprom and Ukraine's Naftogaz begin negotiating contracts termination
Last week, Russia’s Gazprom and Ukraine’s Naftogaz began negotiations on the contracts termination for the supply and transit of gas. According to Interfax, this was announced by Alexander Medvedev, Deputy Chairman of the Board of Gazprom.
"Yes, indeed, last week the meeting between Gazprom and Naftogaz took place. The negotiation on the procedure of contracts termination for the supply and transit of gas has begun," he said. Medvedev added that Gazprom notified the Ukrainian company of its intention to dispute the decision of the Stockholm Arbitration for the gas supply. "The case appeal will be filed before the end of March," said Gazprom's Deputy Chairman.
On February 28, during the hearing on the Naftogaz vs Gazprom case, the Arbitration of the Stockholm Chamber of Commerce partially satisfied the claim of the Ukrainian company and decided that Gazprom should pay $4.63 billion for undersupplying the gas under the transit agreement.
However, considering Naftogaz’s debt for the already supplied gas, the amount would decrease to $2.56 billion. Gazprom did not agree with the resolution. The Russian company announced its intention to immediately begin the termination procedure of all contracts with Naftogaz.