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," Vitrenko said.

Vitrenko also highlighted, that from the total awarded sum of $4.6 billion Ukraine has already covered part due to gas supply from Russia. Bonuses to Naftogaz management have been paid from this amount.

“We have received part of the $4.6 billion in the form of gas. Premiums have been paid only on the sum received,” the chief operating officer commented.

Naftogaz is suing Gazprom from 2014 regarding two contracts: prices on Russian natural gas and transit prices.

In February 2018, the Stockholm Arbitration Court obliged Gazprom to pay the Ukrainian company Naftogaz US $4.63 billion for the pumping of 110 billion cubic meters of gas per year as envisaged in the transit contract. In December 2017, the Arbitration Court had awarded Gazprom US $2 billion in a dispute between the companies under a contract for gas supplies in 2009. This, after this amount was removed from the total, Naftogaz was to receive US $2.56 billion dollars from the Russian monopoly.

The Arbitration Court also ordered Gazprom to transport 110 billion cubic meters of gas per year through Ukraine until the end of the transit agreement in 2019, or else pay for the shortfall.

  Ukraine, Naftogaz, Gazprom, Russia, Vitrenko, Stockholm Arbitration Court